Applied Systems has released the fourth quarter of 2024 and year-end results of the Applied Rating Index, showing year-over-year and quarter-over-quarter increases in average premium rate changes for both Personal Auto and Personal Property lines.
In Q4’24, the average premium rate for Personal Auto rose 11.3% from Q4’23 and 3.9% from Q3’24.
Personal Property premiums increased 7.3% year over year and 2.1% quarter over quarter.
For Personal Auto, all provinces saw year-over-year increases: Alberta (12.7%), Ontario (11.1%), Quebec (9.3%), and the Atlantic Provinces (9.0%). Quarter-over-quarter, Alberta, Ontario, Quebec, and the Atlantic Provinces recorded increases of 1.4%, 4.2%, 5.5%, and 3.3%, respectively.
Personal Property premiums also rose across all provinces: Alberta (7.1%), British Columbia (4.7%), Ontario (9.0%), Quebec (8.6%), the Atlantic Provinces (4.4%), and Saskatchewan & Manitoba (7.9%). Quarter over quarter, these regions saw respective increases of 2.0%, 1.3%, 1.9%, 6.5%, 1.7%, and 2.4%.
Steve Whitelaw, Senior Vice President and General Manager at Applied Systems, commented, “Coming out of the most destructive season in Canadian history for insured losses, the Q4 2024 results show that the premium rate index continues to climb for both Personal Auto and Personal Property, demonstrating sustained market conditions.
“As we begin 2025, the Applied Rating Index will continue tracking premium rate changes and serving as a guide for renewal and pricing decisions.”
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