TORONTO, July 6, 2020 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has released the preliminary loss trend and reform factor report that reflects loss experience up to Dec 31, 2019. The report, produced by a leading independent actuarial firm, is now open for public consultation.
Both the independent actuarial firm's analysis and industry consultation feedback are key inputs considered by FSRA in determining the FSRA benchmarks.
FSRA uses ratemaking Benchmarks to evaluate if an auto insurer's proposed rate changes are just and reasonable when an insurer seeks approval for those changes.
Benchmarks are updated twice a year to identify industry cost trends and provides insight to the regulator's outlook on future loss costs trends and forecasts.
Benchmarks analysis, consultation input and FSRA's selection of new benchmarks are made public as part of our commitment to transparency.
SOURCE Financial Services Regulatory Authority of Ontario
For further information: For Media Inquiries: Malon Edwards, Senior Communications Officer, Corporate Communications, Financial Services Regulatory Authority of Ontario, C: 647-296-5479, Email: [email protected]