Applied Rating Index Results for Third Quarter Released
October 03, 2018
National Personal Auto and Property premium rates increase in nearly all provinces
Mississauga, ON – October 3, 2018 – Applied Systems® today announced the results of the third quarter’s Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q3 2018, average premiums for Personal Auto and Personal Property lines increased in comparison to the third quarter of 2017. Markedly, nearly all provinces experienced increases for both Personal Auto and Property lines, except Personal Auto in the Atlantic Provinces (NB, NS, NF, PE) and Personal Property lines in Quebec.
Key findings for Q3 2018 include:
- Personal Auto: In Q3 2018, Personal Auto premiums increased by 4.1% versus Q3 2017. Personal Auto premiums increased 5.1% versus Q2 2018.
- Personal Property: In Q3 2018, Personal Property premiums increased by 3.5% versus Q3 2017. Personal Property premiums increased 0.9% versus Q2 2018.
- Provinces: Average premiums for Personal Auto and Personal Property increased in nearly all provinces over the past year. The only provinces to realize declines were Personal Auto in the Atlantic Provinces and Personal Property in Quebec. This is the third consecutive quarter that the Atlantic Provinces experienced a decrease in average Personal Auto premiums.
“The third quarter showcases increasing average premiums of Personal Lines compared to Q3 of last year, further reiterating the hardening of the market,” said Jeff Purdy, senior vice president of International Operations, Applied Systems. “The Applied Rating Index continues to provide guidance for brokerages and insurers as the industry’s only data-driven index of current conditions and trends.”
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.
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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.