Applied Releases Commercial Lines Premium Rate Index Findings for Q2 2024
2024年8月1日 - 10:26PM
Applied Systems® today announced the second quarter 2024 results of
the Applied Commercial Index™, the Canadian insurance industry’s
premium rate index. Overall, the magnitude of rate increases was
down across all lines relative to average premium renewals in the
same quarter last year with 5.83% in Q2 2024 compared to 7.44% in
Q2 2023. All lines of business saw decreases compared to the same
quarter last year.
Quarter over quarter, Q2 2024 results showed average renewal
rate change were variable across all lines of the most commonly
placed Commercial Lines categories, with Real Estate Property;
Construction, Erection and Installation Services; and Hospitality
Services experiencing decreases, and Business and Professional
Services and Retail Services experiencing increases compared to
last quarter this year.
Significant findings include:
- Business and Professional Services: Q2 2024
premium renewal rate change average was 5.99%, up from the Q1 2024
average of 5.54%.
- Construction, Erection, and Installation
Services: Premium renewal rate change average was 5.34%
for the quarter, down from the Q1 2024 average of 6.04%.
- Hospitality Services: Q2 2024 premium renewal
rate change average was 5.88%, down from the Q1 2024 average of
6.81%.
- Real Estate Property: Premium renewal rate
change average was 5.91% for the quarter, down from the Q1 2024
average of 6.35%.
- Retail Services: Premium renewal rate change
averaged 7.40%, up relative to the Q1 2024 average of 6.53%.
“Premium renewal rates continue to be elevated, but we are
beginning to see some softening of rates relative to the same
renewal period as last year,” said Steve Whitelaw, senior vice
president and general manager, Canada, Applied Systems. “As the
second half of the year begins, we expect macroeconomic trends to
continue to affect rates and will look to the Index to deliver
insight for renewal conversations and forecasting.”
Access the complete quarterly report here.
# # #
Applied Commercial Index is a trademark of Applied Systems, Inc.
All data is fully anonymized when aggregating and analyzing the
Applied Commercial Index.
About Applied SystemsApplied 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
(404) 446-2635
LMalcolm@appliedsystems.com