MISSISSAUGA, Ont., May 19, 2022 (GLOBE NEWSWIRE) -- Applied Systems® today announced the first quarter of 2022 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q1 2022, average premiums for both Personal Auto lines and Personal Property lines increased year over year. Quarter over quarter, premium renewal rate change decreased for Personal Auto and increased for Personal Property compared to Q4 2021.
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.
PersonalProperty: 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 with Alberta and British Columbia both seeing a 10% increase and Ontario, Quebec, the Atlantic Provinces and Saskatchewan & 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 Steve Whitelaw, senior vice president and general manager, Applied Systems. “In these uncertain times, it will be interesting to see what the data reflects in future rating indexes.”
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.
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.