National premium rates increase in all provinces year over year for both Personal Auto and Property lines
Mississauga, ON (July 9, 2019) – Applied Systems® has announced the second quarter of 2019 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q2 2019, average premiums for both Personal Auto and Personal Property lines increased versus the same quarter in 2018. Quarter-to-quarter in 2019, average premium for both lines of business also increased. Year over year, all provinces experienced an increase in average premiums in both Personal Auto and Personal Property.
Key findings for Q2 2019 include:
- Personal Auto: In Q2 2019, Personal Auto premiums increased by 10.9% versus Q2 2018. Personal Auto premiums increased 3.9% versus Q1 2019.
- Personal Property: In Q2 2019, Personal Property premiums increased by 10.2% versus Q2 2018. Personal Property premiums increased 2.9% versus Q1 2019.
- Provinces: Quarter over quarter, average premiums for Personal Auto all increased, with Quebec experiencing the most significant jump at 23.6%. For Personal Property, all provinces except the Atlantic provinces experienced a rise in average premiums quarter over quarter.
“The increasing premium rate change compared to the same quarter last year indicates that the Personal Lines market continues to harden with the rising premiums,” said Jeff Purdy, senior vice president of International Operations, Applied Systems. “Each quarter, the Applied Rating Index enables brokers to provide clients with the most accurate guidance on expected premium rates, while providing insurers the data needed to best determine 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