Mississauga, ON (July 9, 2020) \u2013 Applied Systems\u00ae is pleased to announce the second-quarter of 2020 results of the Applied Rating Index™, the Canadian insurance industry\u2019s premium rate index. In Q2 2020, average premiums for both Personal Auto and Personal Property lines increased versus the same quarter in 2019. For Personal Auto, Alberta and the Atlantic provinces experienced the most significant increase in premium year over year for the second quarter in a row at 12.3% and 11.5% respectively. For Personal Property, Quebec\u2019s year-over-year premium stayed the highest for the second quarter running at 22.1% while British Columbia\u2019s annual premium rate was the only province with negative change premium rate change at -6.3%.<\/p>\n
Key findings for Q2 2020 include:<\/p>\n
\u201cThis quarter\u2019s Applied Rating Index results show the market hardening as average premiums for Personal Auto and Personal Property increased year over year,\u201d said Steve Whitelaw, vice president of Industry & Partner Relations, Applied Systems. \u201cAs the pandemic progresses, we will continue to monitor the impacts on pricing via the Applied Rating Index, providing data-driven insights into the health of the industry.\u201d<\/p>\n
The Applied Rating Index is a data-driven report of current conditions and trends for Personal Auto and Personal Property 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.<\/p>\n
Access the complete quarterly report here<\/a>.<\/p>\n 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\u2019s 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\u2019s people and products enable millions of people around the world to safeguard and protect what matters most. For more information, please visit appliedsystems.com<\/a>.<\/p>\n Applied Rating Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Rating Index.<\/em><\/p>\n SOURCE: Applied Systems<\/em><\/p>\n Tags: Applied Rating Index<\/a>, Applied Systems<\/a> National Personal Auto and Personal Property premium rates increase in nearly all provinces year over year Mississauga, ON (July 9, 2020) \u2013 Applied Systems\u00ae is pleased to announce the second-quarter of 2020 results of...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18966"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=18966"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18966\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=18966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=18966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=18966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}About Applied Systems<\/b><\/h4>\n
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