MISSISSAUGA, ON, Aug. 02, 2022 (GLOBE NEWSWIRE) -- Applied Systems® today announced the second quarter of 2022 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q2 2022, quoted premiums for both Personal Auto lines and Personal Property lines increased year over year. Quarter over quarter, quoted premium rate change increased for both Personal Auto and Personal Property compared to Q1 2022.
Personal Auto: In Q2 2022, Personal Auto quoted premium rate change increased 9.4% versus Q2 2021. Personal Auto quoted premium rate change increased 0.9% versus Q1 2022.
PersonalProperty: In Q2 2022, Personal Property quoted premium rate change increased 6.5% versus Q2 2021. Personal Property increased 1.8% versus Q1 2022.
Provinces: Across Personal Auto, all provinces experienced increased quoted rate change year over year with Alberta, Ontario, Quebec and the Atlantic Provinces seeing 6.3%, 7.7%, 9.6% and 9.5% respectively. Across Personal Property, Alberta, British Columbia, the Atlantic Provinces and Saskatchewan & Manitoba all experienced decreased rate change year over year with 8.0%, 8.7%, 5.5%, and 6.5% respectively.
“While we saw some reductions in the Personal Auto market last quarter, rates have increased again compared to last quarter’s and last year’s average premiums,” said Steve Whitelaw, vice president and general manager, Applied Systems. “As we make our way into the second half of the year, we will continue to monitor trends so we can keep brokers and insurers informed for their pricing and renewal decisions.”
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 quoted 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.