Annual and semi-annual reviews

The AIRB conducts an annual review of auto insurance loss experience to establish industry benchmarks. They are then used to assess insurance companies’ rate filings for PPV and commercial vehicles.

The annual review benchmarks are based on data up to December 31st of the prior year and are for filings submitted on or after October 1st of each year. The PPV industry benchmarks are used for the annual (January 1) adjustment to the Grid Rating Program.

The AIRB conducts a semi-annual review of auto insurance loss experience to establish industry benchmarks. They are then used to assess insurance companies’ rate filings for PPV. The semi-annual review benchmarks are based on data up to June 30th of the prior year and are for filings submitted on or after April 1st of each year.

The semi-annual review aims to ensure that the AIRB industry benchmarks reflect the most current industry experience.