Applied Systems has announced the second quarter of 2022 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index.
The rating company discovered that quoted premiums for both Personal Auto lines and Personal Property lines increased year over year and quarter over quarter.
In Q2 of 2022, Personal Auto quoted premium rate change increased 9.4% versus Q2 of 2021. Personal Auto quoted premium rate change increased 0.9% versus Q1 of 2022.
In Q2 of 2022, Personal Property quoted premium rate change increased 6.5% versus Q2 of 2021. Personal Property increased 1.8% versus Q1 of 2022.
Throughout Personal Auto, all provinces experienced increased quoted rate change year over year with Alberta, Ontario, Quebec and the Atlantic Provinces seeing 6.3%, 7.7%, 9.6% and 9.5% respectively.
Across Personal Property, Alberta, British Columbia, the Atlantic Provinces and Saskatchewan & Manitoba all experienced decreased rate change year over year with 8.0%, 8.7%, 5.5%, and 6.5% respectively.
Steve Whitelaw, vice president and general manager of Applied Systems, stated, “While we saw some reductions in the Personal Auto market last quarter, rates have increased again compared to last quarter’s and last year’s average premiums.”
“As we make our way into the second half of the year, we will continue to monitor trends so we can keep brokers and insurers informed for their pricing and renewal decisions.”