Applied Rating Index Q1 2022 Released
May 19 2022 - 12:00PM
Applied Systems® today announced the first quarter of 2022 results
of the Applied Rating Index™, the Canadian insurance industry’s
premium rate index. In Q1 2022, average premiums for both Personal
Auto lines and Personal Property lines increased year over year.
Quarter over quarter, premium renewal rate change decreased for
Personal Auto and increased for Personal Property compared to Q4
2021.
Key findings for Q4 2021 include:
- Personal Auto: In Q1 2022, Personal Auto premium
renewal rate change increased 3.4% versus Q1 2021. Personal Auto
premium renewal rate change decreased -2.2% versus Q4 2021.
- Personal Property: In Q1 2022, Personal Property
premium renewal rate change increased 5.5% versus Q1 2021. Personal
Property premium renewal rate change increased 0.9% versus Q4
2021.
- Provinces: Across Personal Auto, all provinces
experienced increased renewal rate change year over year with
Alberta, Ontario, Quebec and the Atlantic Provinces seeing 3.2%,
0.9%, 9.6% and 7.2% respectively. Across Personal Property, all
lines experienced increased renewal rate change year over year with
Alberta and British Columbia both seeing a 10% increase and
Ontario, Quebec, the Atlantic Provinces and Saskatchewan &
Manitoba seeing 4.9%, 0.8%, 5.7% and 7.4% respectively.
“Year-over-year changes to premium renewal rates for both
Personal Auto and Personal Property remain up, while Commercial
Auto softens slightly quarter over quarter,” said Steve Whitelaw,
senior vice president and general manager, Applied Systems. “In
these uncertain times, it will be interesting to see what the data
reflects in future rating indexes.”
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 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.
Access the complete quarterly report here.
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.
Lauren Malcolm
Applied Systems
lmalcolm@appliedsystems.com