Toronto, ON, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Applied Systems® today announced the third quarter 2023 results of the Applied Commercial Index™, the Canadian insurance industry’s premium rate index. Overall, rates remain high in Q3 2023, but saw a decrease from the same quarter year prior (8.46% in Q3 2022) to 7.27% in Q3 2023. Quarter over quarter, Q3 2023 results showed average renewal rate change decreased across Business and Professional Services, Retail Services and Hospitality Services. Average renewal rate change for Construction and Real Estate Property increased in Q3 2023 compared to Q2 2023.
Significant findings include:
- Business and Professional Services: Q3 2023 premium renewal rate change average was 6.27%, down from the Q2 2023 average of 7.42%.
- Construction, Erection, and Installation Services: Premium renewal rate change average was 7.80% for the quarter, up from the Q2 2023 average of 7.24%.
- Hospitality Services: Q3 2023 premium renewal rate change average was 8.11%, down from the Q2 2023 average of 9.28%.
- Real Estate Property: Premium renewal rate change average was 7.24% for the quarter, up from the Q2 2023 average of 6.87%.
- Retail Services: Premium renewal rate change averaged 7.73%, down relative to the Q2 2023 average of 8.31%.
“Year over year, results indicated that premium renewal rates are lower as compared to the renewal rates during the same time in 2022, showing some softening in a still relatively hard market,” said Steve Whitelaw, senior vice president and general manager, Canada, Applied Systems. “As we approach the end of the year and look ahead to 2024, this data will continue to inform insurer pricing decisions and broker advice 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.
