Applied Systems announced the second quarter 2022 results of the Applied Commercial Index, the premium rate index for the Canadian insurance industry.
The ratings firm found that quoted premiums for personal auto lines and personal property lines increased year-over-year and quarter-over-quarter.
In the second quarter of 2022, the personal auto insurance premium rate change increased by 9.4% compared to the second quarter of 2021. The personal auto insurance premium rate change increased by 0.9% compared to the first quarter of 2022.
In the second quarter of 2022, the change in the personal property premium rate increased by 6.5% compared to the second quarter of 2021. Personal property increased by 1.8% compared to the first quarter of 2022.
Across personal auto insurance, all provinces saw an increase in the change in quoted rates year-over-year, Alberta, Ontario, Quebec and the Atlantic provinces posting respectively 6.3%, 7.7%, 9.6% and 9.5%.
Across personal property, Alberta, British Columbia, the Atlantic provinces as well as Saskatchewan and Manitoba all saw a decrease in the year-over-year rate change with 8 .0%, 8.7%, 5.5% and 6.5% respectively.
Steve Whitelaw, Vice President and General Manager of Applied Systems, said, “While we saw some reductions in the personal auto market last quarter, rates were again up from last quarter’s average premiums. quarter and last year.”
“As we enter the second half of the year, we will continue to monitor trends so that we can keep brokers and insurers informed of their pricing and renewal decisions.”