National Personal Auto and Property premium rates increase in all provinces year over year
Mississauga, ON (Jan. 8, 2019) – Applied Systems® today announced the results of the fourth quarter’s Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q4 2018, average premiums for Personal Auto and Personal Property lines increased in comparison to the fourth quarter of 2017. Notably, all provinces experienced increases for both Personal Auto and Property lines.
Key findings for Q4 2018 include:
- Personal Auto: In Q4 2018, Personal Auto premiums increased by 5.3% versus Q4 2017. Personal Auto premiums increased 2.2% versus Q3 2018.
- Personal Property: In Q4 2018, Personal Property premiums increased by 5.8% versus Q4 2017. Personal Property premiums increased 3.7% versus Q3 2018.
- Provinces: Average premiums for Personal Auto and Personal Property increased in all provinces over the past year. Alberta and British Columbia experienced significantly higher year over year Personal Property premium increases, at 12.1% and 11.2% respectively, marking the annual high for each province. This is also the first quarter of 2018 that the Atlantic Provinces experienced an increase in average Personal Auto premiums, at 0.6%.
“The continued rise of premiums in each province year over year indicates that the Personal Lines market remained hard as we closed out the year,” said Jeff Purdy, senior vice president of International Operations, Applied Systems. “In 2019, the Applied Rating Index will continue to provide brokerages and insurers insights into the overall health of the industry, enabling brokerages to give customers guidance on expected premium rates and insurers to determine the most competitive rates.”
The Applied Rating Index is a data-driven report of current conditions and trends for Personal Auto and Personal Property insurance premium rates. Analyzing more than 1.3 billion quotes completed, the Applied Rating Index measures the increase or decrease in average premium rate trends across Canada. Representing more than 80% of the brokerage market and 675 insurer rating plans written by brokers, 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. For more information, please visit appliedsystems.com.
SOURCE: Applied SystemsTags: Applied Rating Index, Applied Systems