From Globe Newswire: 2024-05-01 09:00:00

Applied Systems announced the Q1 2024 results of the Applied Rating Index, showing an increase in average premiums for Personal Auto and Personal Property lines compared to the previous year. All provinces experienced a year-over-year increase in premium rate change, with British Columbia seeing the highest at 18.3% for Personal Property.

In Q1 2024, Personal Auto premium rate change increased by 13.3% compared to Q1 2023, while Personal Property premium rate change increased by 10.9%. All provinces experienced increased premium rate change year over year, with Alberta, Ontario, Quebec, and the Atlantic Provinces seeing notable changes.

The data within the Applied Rating Index will serve as an indicator for brokers’ renewal conversations and insurer pricing decisions as market trends continue to show double-digit increases in premium renewal rates for both Personal Auto and Personal Property insurance.

The Applied Rating Index provides a detailed report on current market conditions and trends for Personal Auto and Personal Property insurance premium rates in Canada. Analyzing quotes completed, the index measures the average premium rate trends across the country, providing valuable insights for consumers, brokers, and insurers.



Read more at Globe Newswire: Applied Rating Index Q1 2024 Released