Toronto, ON., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Applied Systems® today announced the third quarter of 2024 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q3 2024, average premiums for both Personal Auto lines and Personal Property lines increased year over year. Quarter over quarter, the premium rate for Personal Auto experienced an increase, whereas the rate for Personal Property saw a decrease compared to Q2 2024.
Key findings for Q3 2024 include:
- Personal Auto: In Q3 2024, Personal Auto premium rate change increased 12.2% versus Q3 2023. Personal Auto premium rate change increased 4.7% versus Q2 2024.
- Personal Property: In Q3 2024, Personal Property premium rate change increased 7.7% versus Q3 2023. Personal Property premium rate change decreased -0.4% versus Q2 2024.
- Provinces: Across Personal Auto, the Alberta and Ontario provinces experienced increased premium rate change, while the Atlantic and Quebec provinces experienced decreased premium rate change year over year with Alberta, Ontario, Quebec and the Atlantic Provinces seeing 12.9%, 11.6%, 6.8% and 9.7% respectively. Relative to Q2 2024, all provinces experienced an increase in quarter over quarter premium rate change with Alberta, Ontario, Quebec and the Atlantic Provinces experiencing 7.7%, 4.2%, and 4.4% and 5.7% respectively.
Personal Property lines for Alberta, Ontario and Saskatchewan & Manitoba experienced increases in premium rate change, while British Columbia, Quebec, the Atlantic provinces, experienced decreases in premium rate change year over year with 5.5%, 10.4%, 7.6%, 7.5%, 4.9%, 5.4% and respectively. Relative to Q2 2024, premium rate change for Alberta, British Columbia, Ontario, Quebec, the Atlantic provinces and Saskatchewan & Manitoba experienced -1.5%, -1.4%, 0.2%, 3.1%, 0.8% and 1.9% respectively.
“The results highlight an ongoing rising trend in premium rates for both Personal Auto and Personal Property lines across all provinces,” said Steve Whitelaw, senior vice president and general manager, Applied Systems Canada. “As we approach the final quarter of the year, the Applied Rating Index will continue to follow rate trends to provide brokers with the information needed in their end-of-year renewal conversations.”
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.
