Toronto, ON., Feb. 06, 2025 (GLOBE NEWSWIRE) — Applied Systems® today announced the final quarter 2023 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 5.02% in Q4 2024, down from 7.55% in Q4 2023. All lines of business saw decreases compared to the same quarter last year.
Quarter over quarter, Q4 2024 results showed average renewal rate change decreased across all lines of the most commonly placed Commercial Lines categories, including Real Estate Property, Construction, Hospitality Services, and Retail Services, with the exception of Business and Professional Services which experienced a slight quarterly increase.
Significant findings include:
- Business and Professional Services: Q4 2024 premium renewal rate change average was 5.48%, up from the Q3 2024 average of 5.30%.
- Construction, Erection, and Installation Services: Premium renewal rate change average was 4.78% for the quarter, down from the Q3 2024 average of 5.36%.
- Hospitality Services: Q4 2024 premium renewal rate change average was 3.79%, down from the Q3 2024 average of 5.77%.
- Real Estate Property: Premium renewal rate change average was 4.59% for the quarter, down from the Q3 2024 average of 5.32%.
- Retail Services: Premium renewal rate change averaged 6.84%, down relative to the Q3 2024 average of 7.53%.
“This quarter’s results demonstrate a continued softening of the commercial lines market as premium renewal rates decrease quarter over quarter and compared to the average of last year’s same quarter,” said Steve Whitelaw, senior vice president and general manager, Canada, Applied Systems. “As we enter 2025, we will continue to watch as macro trends, such as increased competition in the commercial lines market, continues to impact rates.”
Access the complete quarterly report here.
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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 Systems
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’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
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