Premium rates for Personal Auto and Personal Property lines in Canada increased in Q4 2024.

From GlobeNewswire: 2025-01-28 09:00:00

In Q4 2024, the Applied Rating Index™ revealed that average premiums for Personal Auto and Personal Property lines in Canada increased year over year. All provinces saw a premium rate increase, with Alberta experiencing the highest at 12.7% for Personal Auto and Ontario at 9.0% for Personal Property.

Key findings for Q4 2024 show that Personal Auto premium rates rose by 11.3% year over year and by 3.9% quarter over quarter. Personal Property premium rates increased by 7.3% year over year and by 2.1% quarter over quarter.

Across provinces, premium rate changes for both Personal Auto and Personal Property lines increased year over year. Alberta, Ontario, Quebec, and the Atlantic Provinces saw significant uptrends in premium rate changes compared to Q3 2024.

The Applied Rating Index serves as a guide for renewal and pricing decisions in the insurance market. The data-driven report tracks premium rate changes for Personal Auto and Personal Property lines, offering insight into current market conditions and trends for consumers, brokerages, and insurers in Canada.



Read more at GlobeNewswire: Applied Rating Index Year-End and Q4 2024 Released