National Personal Auto and Personal Property premium rates show variable changes in all provinces year over year
Mississauga, ON (July 30, 2021) – Applied Systems® has announced the second quarter of 2021 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q2 2021, average premiums for Personal Auto lines decreased year over year, while Personal Property lines remained up over the same period. Quarter over quarter, the average premium rate change decreased for Personal Auto and increased for Personal Property compared to Q1 2021.
Key findings for Q2 2021 include:
- Personal Auto: In Q2 2021, quoted Personal Auto premiums decreased -10.6% versus Q2 2020, and decreased -4.5% versus Q1 2021.
- Personal Property: In Q2 2021, quoted Personal Property premiums increased 4.5% versus Q2 2020. Quoted Personal Property premiums increased 1.0% versus Q1 2021.
- Provinces: Across Personal Auto, Alberta, Ontario, and the Atlantic Provinces all saw a decrease from last quarter with -1.6%, -5.9%, and -0.4% respectively. While Quebec saw an increase of 2.0%. Across Personal Property, Quebec’s year-over-year premium saw a moderate increase of 1.5%. Alberta, British Columbia, Ontario, Saskatchewan and Manitoba, and the Atlanta Provinces all saw increases year over year of 6.6%, 6.1%, 2.6%, 7.1% and 6.5% respectively.
“Our data for this quarter shows a slowing or reversing of the trend of relative decreases in Personal Auto average premium rate changes while Personal Property continues to trend upwards,” said Steve Whitelaw, vice president and general manager, Canada, Applied Systems. “As we enter into third quarter, the Applied Rating Index will continue to provide data insights on how the pandemic and other economic developments impact the industry and in turn, the customer.”
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 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.
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 Systems