Applied Rating Index Year-End and Q4 2024 Released
January 28, 2025
National Personal Auto and Personal Property premium rates continue to increase in all provinces year over year
TORONTO, Ont. – January 28, 2025 – Applied Systems® today announced the year-end and fourth quarter of 2024 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q4 2024, 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 Q3 2024.
For Personal Auto, all provinces experienced an increase year over year, with Alberta seeing the highest at 12.7% and the Atlantic Provinces the lowest at 9.0%. For Personal Property lines, all provinces experienced an increase in premium rate change year over year. Ontario saw the highest premium rate change at 9.0% and the Atlantic Provinces experienced the lowest at 4.4%.
Key findings for Q4 2024 include:
- Personal Auto: In Q4 2024, Personal Auto premium rate change increased 11.3% versus Q4 2023. Personal Auto premium rate change increased 3.9% versus Q3 2024.
- Personal Property: In Q4 2024, Personal Property premium rate change increased 7.3% versus Q4 2023. Personal Property premium rate change increased 2.1% versus Q3 2024.
- Provinces: Across Personal Auto, all provinces experienced increased premium rate change year over year with Alberta, Ontario, Quebec and the Atlantic Provinces seeing 12.7%, 11.1%, 9.3% and 9.0% respectively. Relative to Q3 2024, 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 1.4%, 4.2%, and 5.5% and 3.3% 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 7.1%, 4.7%, 9.0%, 8.6%, 4.4% and 7.9% respectively. Relative to Q3 2024, Alberta, British Columbia, Ontario, Quebec, the Atlantic provinces and Saskatchewan & Manitoba all saw increases quarter over quarter of 2.0%, 1.3%, 1.9%, 6.5%, 1.7% and 2.4% respectively.
“Coming out of the most destructive season in Canadian history for insured losses, the Q4 2024 results show that the premium rate index continues to climb for both Personal Auto and Personal Property, demonstrating sustained market conditions,” said Steve Whitelaw, senior vice president and general manager, Applied Systems. “As we begin 2025, the Applied Rating Index will continue tracking premium rate changes and serving as a guide for renewal and pricing decisions.”
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.