Cloud software provider, Applied Systems has published its fourth quarter and year end results of its rating index – the Applied Rating Index – showing that average premiums for both personal auto lines and personal property lines increased year-over-year and quarter-over-quarter in the last months of 2024.
“For personal auto, all provinces experienced an increase year-over-year, with Alberta seeing the highest at 12.7 per cent and the Atlantic provinces the lowest at nine per cent. For personal property lines, all provinces experienced an increase in premium rate change year-over-year. Ontario saw the highest premium rate change at nine per cent and the Atlantic provinces experienced the lowest at 4.4 per cent,” they write.
In the fourth quarter of 2024, personal auto premiums increased 11.3 per cent when compared to the fourth quarter in 2023. When compared to the third quarter of 2024, those rates are still up 3.9 per cent. In personal property, premiums increased 7.3 per cent over the fourth quarter in 2023 and 2.1 per cent when compared to the previous quarter in 2024.
