Tuesday, June 28, 2022

Canadian personal auto & property rates up through Q1

The results of the latest Applied Rating Index by Applied Systems show that average premiums for both Personal Auto lines and Personal Property lines increased in Canada year over year in the first quarter of 2022.

business-growthQuarter over quarter, premium renewal rate change decreased for Personal Auto and increased for Personal Property compared to Q4 2021.

According to Applied Systems, in Q1 2022, Personal Auto premium renewal rate change increased 3.4% versus Q1 2021, and decreased -2.2% versus Q4 2021.

Meanwhile, for Personal Property, premium renewal rate change increased 5.5% versus Q1 2021, and also increased 0.9% versus Q4 2021.

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.

And with 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,” he added.

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.

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