MISSISSAUGA, ON, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Applied Systems® today announced the third quarter 2022 results of the Applied Commercial Index™, the Canadian insurance industry’s premium rate index. Overall, rates saw a depressed increase of 8.46% in Q3 2022 relative to the rate increase of 8.76% in Q3 2021. All lines of business, except Real Estate Services, saw increases compared to the same quarter last year.
Quarter over quarter, Q3 2022 results showed average renewal rate change decreased across Business and Professional Services and Real Estate Property, but increased across Construction, Hospitality Services and Retail Services.
Significant findings include:
- Business and Professional Services: Q3 2022 premium renewal rate change average was 8.07%, up from the Q2 2022 average of 8.72%.
- Construction, Erection, and Installation Services: Premium renewal rate change average was 9.85% for the quarter, up from the Q2 2022 average of 9.80%.
- Hospitality Services: Q3 2022 premium renewal rate change average was 10.40%, up from the Q2 2022 average of 8.82%.
- Real Estate Property: Premium renewal rate change average was 7.76% for the quarter, up from the Q2 2022 average of 8.81%.
- Retail Services: Premium renewal rate change averaged 9.53%, up relative to the Q2 2022 average of 9.51%.
“We are seeing premium increases across almost all lines of business, which is a consistent trend through this year,” said Steve Whitelaw, senior vice president and general manager, Canada, Applied Systems. “We continue to see resilience in the industry and as we move into the end of the year and look into 2023, this data will continue to inform insurer pricing decisions and broker advice during renewal conversations.”
Access the complete quarterly report.
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Applied Commercial Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Commercial Index.
About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.
