New data from Applied Systems shows that average premiums for both Personal Auto and Personal Property lines increased year over year in Canada during the first quarter of 2023.
According to the data, quarter over quarter, premium rate change decreased for both Personal Auto and Personal Property compared to Q422.
Analysts reported that for Personal Auto lines, all provinces witnessed an increase compared to Q122 with Quebec recording the highest increase at 10.4% and Ontario and the lowest with 3.0%.
At the same time, for Personal Property lines, all provinces experienced an increase in premium rate change year over year except Quebec, which experienced a decrease compared to the same period last year.
The data also showed that Quebec saw the lowest premium rate change year over year at -0.05%, while the Atlantic Provinces saw the highest at 8.2%.
Additionally, across Personal Property, Alberts, British Columbia, Ontario, the Atlantic Provinces, and Saskatchewan & Manitoba all experienced increased rate change year over year to 5.1%, 6.9%, 5.1%, 8.2% and 5.2% respectively.
The data shows that Alberta, Quebec, and Saskatchewan and Manitoba all saw decreases quarter over quarter of -2.7%, -3.2%, and -0.5% respectively, while both British Columbia and the Atlantic Provinces saw an increase to 4.0% and 1.6% relative to Q422.
Moreover, Business & Professional Services, Construction, and Real Estate Services also witnessed decreases in Q1 compared to the same quarter last year, while Hospitality and Retail Services saw increases compared to Q122.
Steve Whitelaw, senior vice president and general manager, Canada, Applied Systems, commented: “Overall, average rate increases were still up year over year, but the pace of increase is slowing relative to 2022. These insights into the shifting trends in rate changes can assist in targeted messaging to customers in each of the business segments reviewed and inform brokers strategy on the most profitable lines of business to drive continued growth.”