Toronto, ON., Nov. 14, 2024 (GLOBE NEWSWIRE) — Applied Systems(R) today announced the third quarter 2024 results of the Applied Commercial Index(TM), the Canadian insurance industry’s premium rate index. Overall, rates saw a decrease of 5.52% in Q3 2024, which is depressed relative to the rate increase of 7.27% in Q3 2023. Business and Professional Services, Construction, Hospitality Services, Real Estate and Retail Services all saw decreases in Q3 2024 compared to the same quarter last year.
Quarter over quarter, Q3 2024 results showed average renewal rate changes were variable across all lines of the most commonly placed Commercial Lines categories. Business and Professional Services, Hospitality Services and Real Estate experienced decreases, while Construction and Retail Services experienced increases compared to last quarter this year.
Significant findings include:
- Business and Professional Services: Q3 2024 premium renewal rate change average was 5.30%, down from the Q2 2024 average of 5.99%.
- Construction, Erection, and Installation Services: Premium renewal rate change average was 5.36% for the quarter, up from the Q2 2024 average of 5.34%.
- Hospitality Services: Q3 2024 premium renewal rate change average was 5.77%, down from the Q2 2024 average of 5.88%.
- Real Estate Property: Premium renewal rate change average was 5.32% for the quarter, down from the Q2 2024 average of 5.91%.
- Retail Services: Premium renewal rate change averaged 7.53%, up relative to the Q2 2024 average of 7.40%.
“Compared to the same period in 2023, the results showed a year-on-year decrease in premium renewal rates, indicating a continued trend of softening rates,” said Steve Whitelaw, senior vice president and general manager, Canada, Applied Systems. “As we near the close of the year and look ahead to 2025, this data will continue to inform insurer pricing decisions and broker recommendations during end-of-year renewal conversations.”
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
COMTEX_459798945/2471/2024-11-14T09:00:08