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Applied Rating Index Q1 2019 Released

April 04, 2019

National Personal Auto and Property premium rates increase in all provinces year over year

Mississauga, ON – April 4, 2019 – Applied Systems® today announced the first quarter of 2019 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q1 2019, average premiums for both Personal Auto and Personal Property lines increased vs. the same quarter in 2018. Year over year, all provinces experienced an increase in average premiums in both Personal Auto and Personal Property.

Key findings for Q1 2019 include:

  • Personal Auto: In Q1 2019, Personal Auto premiums increased by 6.6% versus Q1 2018. Personal Auto premiums decreased -0.5% versus Q4 2018.
  • Personal Property: In Q1 2019, Personal Property premiums increased by 7.7% versus Q1 2018. Personal Property premiums increased 2.4% versus Q4 2018.
  • Provinces: Quarter over quarter, average premiums for Personal Auto experienced variability across the provinces, with an increase in Ontario and Quebec, while both Alberta and Saskatchewan & Manitoba provinces experienced a decrease in average premiums. For Personal Property, all provinces experienced a rise in average premiums quarter over quarter except for Alberta, which experienced a 3.8% decrease in premiums.

“As we begin the year, we are seeing that the market continues to harden as the average premiums of Personal Lines increase compared to Q1 of last year,” said Jeff Purdy, senior vice president of International Operations, Applied Systems. “Quarter over quarter, the Rating Index continues to be utilized by brokerages to gain greater insights for better advice to clients during renewal periods and by insurers to support pricing strategies.”

The Applied Rating Index is a data-driven report of current conditions and trends for Personal Auto and Personal Property 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. 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.

Access the complete quarterly report now.

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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.

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