A report from Swiss Re Canada’s assistant vice-president Glenn McGillivray highlights an increase of 8 points in loss ratios in the automobile insurance market in the Province of Ontario.
The rise in the loss ratio – 82.21 in 200 vs. 74.2 in 1999 – is significant due to the size of the Ontario auto market. It “…represents a quarter of all private direct written p&c premiums put on the books in the country last year — about CAD $5.65 billion [$3.72 billion] (personal and commercial) of the CAD $22.2 billion [$14.6 billion], slightly more than half of all private auto insurance written in the country,” says the report.
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