Canadian Underwriter

How personal lines are shaping up heading into 2023

March 13, 2023   by Alyssa DiSabatino

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Personal lines in Canada’s property and casualty insurance industry still show signs of the hard market, with both personal auto and property showing mid single-digit rate increases at year-end 2022, a new report said. 

Overall, premium rate changes increased for personal auto and personal property from the same time last year, with some quarterly and provincial variables, the Applied Rating Index Report found. 

“At the end of 2022 Q4, our data indicates that the market continued to harden as premium rates for both personal auto and personal property increased compared to 2021,” said Steve Whitelaw, vice president and general manager, Applied Systems in a press release.

In personal auto, rates fluctuated throughout the year. Auto had its highest premium rate change in 2022 Q2 with 9.4%, and its lowest in 2022 Q1 with 3.4%. 

The national premium rate increased by 5.1% in 2022 Q4 (compared to 4.1% in the previous quarter, and a 1.3% decrease in the previous year).  

Across Canada, auto rates rose year-over-year for all provinces, including Alberta (8.1%), Ontario (2.7%) and the Atlantic provinces (12.3%). Quebec, which has a public auto insurance system, was the only province to experience a decrease (-6.6% year over year). 

Relative to 2022 Q3, however, all provinces experienced a rate decrease except the Atlantic provinces, which saw a 7.3% increase. 

In personal property, the national premium rate rose by 6.1%, compared to the same quarter in the prior year.  

However, the results varied regionally. Personal property saw mid-single, or low-double-digit rate increases in the following regions, compared to the year prior: 

  • Alberta (10.0%) 
  • Atlantic (7.2%) 
  • British Columbia (6.3%) 
  • Ontario (5.4%) 
  • Quebec (1.9%) 

Saskatchewan and Manitoba remained the same at 6.7% year over year. 

But, Alberta, the Atlantic provinces and British Columbia saw rate decreases from 2022 Q3, while Ontario and Quebec experienced increases.  


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