From GlobeNewswire: 2024-05-15 09:00:00

Applied Systems announced the Q1 2024 results of the Applied Commercial Index, revealing a 6.14% increase in premium rates in the Canadian insurance industry. Business and Professional Services, Construction, Hospitality Services, Real Estate, and Retail Services all saw decreases in Q1 2024 compared to the previous year. Average renewal rate changes have decreased across all major lines of business in Q1 2024.

Specific findings include:
– Business and Professional Services: Q1 2024 premium renewal rate change average was 5.54%, down from Q4 2023.
– Construction Services: Premium renewal rate change average was 6.04% for the quarter, down from Q4 2023.
– Hospitality Services: Q1 2024 premium renewal rate change average was 6.81%, down from Q4 2023.
– Real Estate Property: Premium renewal rate change average in Q1 2024 was 6.35%, down from Q4 2023.
– Retail Services: Premium renewal rate change averaged 6.53%, down from Q4 2023.

Steve Whitelaw, senior vice president at Applied Systems stated, “Overall, average rate increases were still up year over year, but the pace of increase is slowing relative to 2023.” The index shows a lessening magnitude of renewal increases in some market segments, providing insights for brokers in renewal conversations and business growth opportunities. The complete quarterly report is available for access. Applied Commercial Index is trademarked by Applied Systems, Inc. Applied Systems is a global provider of cloud-based insurance software, leading the industry in innovation and automation. Serving customers in the US, Canada, Republic of Ireland, and the UK, they enable millions worldwide to protect what matters most.



Read more at GlobeNewswire: Applied Releases Commercial Lines Premium Rate Index