Canadian personal auto and property rates rise over 2 per cent in second quarter: Applied Index

Average premiums for personal auto and personal property insurance in Canada increased over two percent from the same period last year, according to the Applied Rating Index for Q2 2018.

Personal auto premiums rose 2.1 per cent in Q2 2018 compared to the same quarter last year. Premiums for personal property insurance increased by 2.7 per cent compared to Q2 2017, says the report.

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The Applied Rating Index is derived from rates generated in Applied Rating Services and covers more than 80 per cent of the independent brokerage market and 675 insurer rating plans, says the company.

Broken down by region, the Atlantic provinces was the only region where personal auto rates declined in Q2. It was the second consecutive quarter in which personal auto rates declined in the region. British Columbia and Quebec were the only two provinces where personal property premiums declined in Q2.

Personal auto rate change by quarter from the Applied Index. Courtesy, Applied Systems

Personal property premium rate change by quarter from the Applied Index. Courtesy Applied Systems.

This story was originally published by Canadian Insurance Top Broker.