MISSISSAUGA, Ont., July 24, 2024 (GLOBE NEWSWIRE) -- Applied Systems® today announced the second quarter of 2024 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q2 2024, 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 2024.
For Personal Auto, all provinces experienced an increase year over year, with the Atlantic Provinces seeing the highest at 14.7% and Quebec the lowest at 9.9%. For Personal Property lines, all provinces experienced an increase in premium rate change year over year. Ontario saw the highest premium rate change at 12.5% and Quebec experienced the lowest at 4.9%.
Key findings for Q2 2024 include:
- Personal Auto: In Q2 2024, Personal Auto premium rate change increased 13.3% versus Q2 2023. Personal Auto premium rate change increased 1.8% versus Q1 2024.
- Personal Property: In Q2 2024, Personal Property premium rate change increased 9.9% versus Q2 2023. Personal Property premium rate change increased 1.6% versus Q1 2024.
- Provinces: Across Personal Auto, all provinces experienced increased premium rate change year over year with Alberta, Ontario, Quebec and the Atlantic Provinces seeing 10.05%, 11.7%, 9.9% and 14.7% respectively. Relative to Q1 2024, all provinces experienced an increase in quarter over quarter premium rate change with Alberta, Ontario, Quebec and the Atlantic Provinces experiencing 4.5%, 1.0%, and 1.6% and 1.3% respectively.
Personal Property lines for Alberta, British Columbia, Ontario, Quebec, the Atlantic provinces, and Saskatchewan & Manitoba experienced increases in premium rate change year over year with 5.8%, 10.7%, 12.5%, 4.9%, 7.9% and 8.3% respectively. Relative to Q1 2024, premium rate change for Alberta, British Columbia, Ontario, Quebec, the Atlantic provinces and Saskatchewan & Manitoba experienced 0.0%, -5.2%, 2.5%, 1.0%, 0.2% and -1.2% respectively.
“Both Personal Property and Personal Auto are experiencing increases year-over-year and quarter-over-quarter, signifying continued hardening in the market,” said Steve Whitelaw, senior vice president and general manager, Applied Systems. “As we make our way into the second half of the year, the Applied Rating Index will enable data-driven conversations amongst brokers during renewals and insurers regarding pricing.”
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.
# # #
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.
