The results of the latest Applied Rating Index by Applied Systems shows that average premiums for both Personal Auto and Personal Property lines increased in Canada year over year in the third quarter of 2023.
Quarter over quarter, premium rate change increased for both Personal Auto and Personal Property compared to Q2’23.
According to Applied Systems, in Q3’23, Personal Auto premium rate change increased to 7.5% versus Q3’22. The Personal Auto premium rate change increased to 7.5% versus Q3’22.
Meanwhile, in the quarter, Personal Property premium rate change increased to 5.7% versus Q2’23. Personal Property increased to 1.6% versus Q2’23.
Across Personal Auto, all provinces experienced an increased rate change year over year with Alberta, Ontario, Quebec, and the Atlantic Provinces seeing 9.0%, 5.0%, 13.0% and 13.5% respectively.
And with Personal Property, Alberta, British Columbia, Ontario, Quebec, the Atlantic provinces, and Saskatchewan & Manitoba all experienced increased rate change year over year to 1.0%, 10.1%, 7.5%, 11.1%, 10.2% and 7.5% respectively.
“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.
