The AIRB has implemented a policy to measure excess profit in accordance with section 9.1, Returning Excess Premiums, of the Automobile Insurance Premiums Regulation.
Excess profit reviews are reviews and reports assessing whether insurers have exceeded benchmark profit levels, based on submitted financial data and AIRB analysis.
This policy states every private passenger vehicle insurer must complete the AIRB’s profit and loss report template. This will be applied prospectively, commencing with 2024 accident year results reported in 2025. Insurers will only be required to return excess premiums in the most recent accident year.