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Applied Rating Index Q3 2023 Released

October 19, 2023

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

MISSISSAUGA, Ont. – October 19, 2023 – Applied Systems® today announced the third quarter of 2023 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q3 2023, average premiums for both Personal Auto lines and Personal Property lines increased year over year. Quarter over quarter, premium rate change increased for Personal Auto and increased for Personal Property compared to Q2 2023.

Key findings for Q2 2023 include:

  • Personal Auto: In Q3 2023, Personal Auto premium rate change increased 7.5% versus Q3 2022. Personal Auto premium rate change increased 5.7% versus Q2 2023.

  • Personal Property: In Q3 2023, Personal Property premium rate change increased 7.5% versus Q3 2022. Personal Property premium rate change increased 1.6% versus Q2 2023.

  • Provinces: Across Personal Auto, all provinces experienced increased premium rate change year over year with Alberta, Ontario, Quebec and the Atlantic Provinces seeing 9.0%, 5.0%, 13.0% and 13.5% respectively. Relative to Q2 2023, all provinces experienced an uptrend in premium rate change. Alberta, Ontario, Quebec and the Atlantic Provinces saw significant increases in premium rate change quarter over quarter with 5.5%, 4.2%, and 7.5% and 10.4% respectively.

    Personal Property lines experienced increased year-over-year premium rate change year across all provinces. Alberta, British Columbia, Ontario, Quebec, the Atlantic provinces, and Saskatchewan & Manitoba saw increases in premium rate change year over year with 1.0%, 10.1%, 7.5%, 11.1%, 10.2% and 7.5% respectively. Relative to Q2 2023, all provinces, except Alberta, experienced an increase in premium rate change. British Columbia, Ontario, Quebec, the Atlantic provinces and Saskatchewan & Manitoba all saw increases quarter over quarter of 1.4%, 2.1%, 3.0%, 3.2% and 2.6% respectively. Alberta saw a modest decrease of -1.1% relative to Q2 2023.


“This quarter’s year-over-year premium rate change is the highest for both Personal Auto and Personal Property in years, except for Q2 2022 when Personal Auto year-over-year premium rate change increased to 9.3%,” said Steve Whitelaw, senior vice president and general manager, Applied Systems. “Our data continues to show the hard market environment we are operating in and acts as a leading premium indicator as we go into 2024 renewals."

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 quotes completed, the Applied Rating Index measures the increase or decrease in average premium rate trends across Canada. 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 here.

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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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