Toronto, ONT., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Applied Systems® today announced the second quarter of 2023 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q2 2023, average premiums for both Personal Auto lines and Personal Property lines increased year over year. Quarter over quarter, premium rate change increased for Personal Auto and increased for Personal Property compared to Q1 2023.
Key findings for Q2 2023 include:
- Personal Auto: In Q2 2023, Personal Auto premium rate change increased 5.9% versus Q2 2022. Personal Auto premium rate change increased 1.7% versus Q1 2023.
- Personal Property: In Q2 2023, Personal Property premium rate change increased 5.9% versus Q2 2022. Personal Property premium rate change increased 2.5% versus Q1 2023.
- Provinces: Across Personal Auto, all provinces experienced increased premium rate change year over year with Alberta, Ontario, Quebec and the Atlantic Provinces seeing 6.5%, 4.0%, 9.8% and 6.9% respectively. Relative to Q1 2023, all provinces experienced an uptrend in premium rate change. Alberta, Ontario, Quebec and the Atlantic Provinces saw modest increases in premium rate change quarter over quarter with 1.1%, 1.5%, and 1.4% and 1.2% respectively.
Personal Property lines experienced increased year-over-year premium rate change year across all provinces, except Quebec. Alberta, British Columbia, Ontario, the Atlantic provinces, and Saskatchewan & Manitoba saw increases in premium rate change year over year with 7.1%, 9.0%, 6.4%, 8.6% and 6.2% respectively. Quebec experienced a year-over-year drop in premium rate change with -0.4%. Relative to Q1 2023, all provinces, except Quebec, experienced an increase in premium rate change. Alberta, British Columbia, Ontario, the Atlantic provinces and Saskatchewan & Manitoba all saw increases quarter over quarter of 4.3%, 1.3%, 2.7%, 1.4% and 2.2% respectively. Quebec saw a modest decrease of -0.1% relative to Q1 2023.
“Both Personal Auto and Personal Property markets are demonstrating year-over-year and quarter-over-quarter premium rate change increases, with the exception of Quebec’s Personal Property premium rate change,” said Steve Whitelaw, senior vice president and general manager, Applied Systems. “The Applied Rating Index will continue to shed light on personal insurance premium trends as we make our way into the second half of the year.”
The Applied Rating Index is a data-driven report of current conditions and trends for Personal Auto and Personal Property (Homeowners) insurance premium rates. Analyzing quotes completed, the Applied Rating Index measures the increase or decrease in average premium rate trends across Canada. The Applied Rating Index is the most complete depiction of the premium rate trends being experienced by consumers, brokerages, and their insurers across the Canadian market.
Access the complete quarterly report here.
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Applied Rating Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Rating 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.
