MISSISSAUGA, Ont., May 01, 2024 (GLOBE NEWSWIRE) -- Applied Systems® today announced the first quarter of 2024 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q1 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 Q4 2023.
For Personal Auto, all provinces experienced an increase year over year, with the Atlantic Provinces seeing the highest at 14.5% and Alberta the lowest at 7.0%. For Personal Property lines, all province experienced an increase in premium rate change year over year. British Columbia saw the highest premium rate change at 18.3% and Quebec experienced the lowest at 3.7%.
Key findings for Q1 2024 include:
- Personal Auto: In Q1 2024, Personal Auto premium rate change increased 13.3% versus Q1 2023. Personal Auto premium rate change increased 0.5% versus Q4 2023.
- Personal Property: In Q1 2024, Personal Property premium rate change increased 10.9% versus Q1 2023. Personal Property premium rate change increased 3.9% versus Q4 2023.
- Provinces: Across Personal Auto, all provinces experienced increased premium rate change year over year with Alberta, Ontario, Quebec and the Atlantic Provinces seeing 7.0%, 12.1%, 9.7% and 14.5% respectively. Relative to Q4 2023, all provinces, except Ontario, experienced a downtrend in quarter over quarter premium rate change with Alberta, Ontario, Quebec and the Atlantic Provinces experiencing -1.3%, 1.2%, and -2.3% and -1.4% respectively.
Personal Property lines experienced increased year-over-year premium rate change year across all provinces. Alberta, British Columbia, Ontario, Quebec, the Atlantic provinces, and Saskatchewan & Manitoba saw increases in premium rate change year over year with 10.5%, 18.3%, 12.7%, 3.7%, 9.2% and 12.0% respectively. Relative to Q4 2023, all provinces, except Quebec, saw increases with Alberta, British Columbia, Ontario, Quebec, the Atlantic provinces and Saskatchewan & Manitoba experiencing 6.6%, 10.7%, 4.1%, -2.1%, 1.6% and 4.7% respectively.
“We continue to watch the market trends as premium renewal rates for both Personal Auto and Personal Property increased in the double digits year over year,” said Steve Whitelaw, senior vice president and general manager, Applied Systems. “As the market changes, the data within the Index will serve as an indicator for brokers’ renewal conversations and insurer pricing decisions.”
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.
