The Financial Services Regulatory Authority of Ontario (FSRA) has published its annual Ontario Private Passenger Vehicles Annual Review Report outlining average industry costs and trends. The report is intended to inform the setting of future private passenger automobile insurance rates by insurers.
Drawing on General Insurance Statistical Agency (GISA) data as of December 31, 2025, the extensive, 305-page report looks at the changes in the number of insured vehicles, average premiums, loss costs, historical expense costs, return on investment income rates and profits reported by insurers in the province. It also covers estimated loss and claim counts for vehicles and loss trend rates by coverage.
To draft the report, FSRA retained Risk Consulting Services (RCS) to review the private passenger vehicle insurance experience in Ontario.
Among the report’s findings, authors note that theft in the province has shifted in recent years: “We present a different approach to adjusting for the recent theft deterioration and theft abatement periods,” they write. “Our approach suggests insurers adjust each accident semester to unwind the impact of theft deterioration and theft abatement as theft levels stabilize into the future. Insurers should adjust their comprehensive theft and comprehensive total projected loss costs to account for the unwinding of these periods in future rate filings.”
They add that trend rates suggest recent experience has developed favourably relative to prior reviews. If the trend continues, the report states the development may imply an increase in future profitability for the industry.
Interested stakeholders are asked to submit their comments to the regulator. The consultation closes September 28, 2026.
