National Personal Auto and Personal Property premium rates increase in all provinces year over year
Mississauga, ON (Oct. 9, 2019) – Applied Systems® has announced the third quarter of 2019 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q3 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. Notably, Quebec experienced the most significant year-over-year average premium change for Personal Auto at 27.5%, while British Columbia experienced the largest year-over-year spike for Personal Property at 25.4%.
Key findings for Q3 2019 include:
- Personal Auto: In Q3 2019, Personal Auto premiums increased by 9.9% versus Q3 2018. Personal Auto premiums increased 4.0% versus Q2 2019.
- Personal Property: In Q3 2019, Personal Property premiums increased by 13.6% versus Q3 2018. Personal Property premiums increased 4.0% versus Q2 2019.
- Provinces: Quarter over quarter, average premiums for Personal Auto all increased, with Quebec experiencing the most significant jump for the second quarter in a row at 9.8%. For Personal Property, all provinces except the Atlantic experienced a rise in average premiums quarter over quarter.
“We are seeing that the Personal Lines market in each province continues to harden with rising premiums compared to Q3 of last year,” said Jeff Purdy, senior vice president of International Operations, Applied Systems. “The Applied Rating Index arms brokerages with data-driven insights to guide customers and prospects on expected coverage pricing, while supporting insurer pricing decisions.”
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.
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.
Applied Rating Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Rating Index.
SOURCE: Applied SystemsTags: Applied Rating Index, Applied Systems, auto premiums