Personal lines in Canada’s property and casualty insurance industry still appear to be in the grip of a hard market cycle, with both personal auto and property premium rates generally showing high, single-digit rate increases.
On average, personal auto quoted premium rates in Canada increased 9.4% in the second quarter of 2022 compared to 2021 Q2, according to the results of the latest Applied Rating Index from tech vendor Applied Systems. Average personal property (homeowners) increased 6.5% year-over-year.
Quarter-over-quarter, however, average personal auto and property premium rate increases were muted, at 0.9% and 1.8%, respectively.
“While we saw some reductions in the personal auto market last quarter, rates have increased again compared to last quarter’s and last year’s average premiums,” said Steve Whitelaw, Applied System Canada’s vice president and…