Applied Rating Index Q1 2022 Released
Key findings for Q4 2021 include:
- Personal Auto: In Q1 2022, Personal Auto premium renewal rate change increased 3.4% versus Q1 2021. Personal Auto premium renewal rate change decreased -2.2% versus Q4 2021.
- Personal Property: In Q1 2022, Personal Property premium renewal rate change increased 5.5% versus Q1 2021. Personal Property premium renewal rate change increased 0.9% versus Q4 2021.
- Provinces: Across Personal Auto, all provinces experienced increased renewal rate change year over year with
Alberta ,Ontario ,Quebec and the Atlantic Provinces seeing 3.2%, 0.9%, 9.6% and 7.2% respectively. Across Personal Property, all lines experienced increased renewal rate change year over year withAlberta andBritish Columbia both seeing a 10% increase andOntario ,Quebec , the Atlantic Provinces andSaskatchewan &Manitoba seeing 4.9%, 0.8%, 5.7% and 7.4% respectively.
“Year-over-year changes to premium renewal rates for both Personal Auto and Personal Property remain up, while Commercial Auto softens slightly quarter over quarter,” said
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
Access the complete quarterly report here.
Applied Rating Index is a trademark of
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
Lauren Malcolm Applied Systems [email protected]
Source: Applied Systems
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