On an annual basis, premiums written for commercial property and casualty insurance in Canada increased by an average of 8.95% in the second quarter of 2022, according to the most recent Applied Pricing Index published by Applied Systems.
In the same quarter of 2021, the year-on-year premium increase was slightly higher, at 9.12%.
According to the Applied press release, the change in rates on a quarterly basis is down in most market segments in commercial insurance. The only exceptions are retail services as well as professional and business services.
“Even though premium renewal rates are lower than last year for the same period, we are seeing a steady increase in rates since the start of the year,” says Steve Whitelawsenior vice president and general manager of Applied Systems in Canada.
Here are the average changes in the premium renewal rate by market segment in commercial insurance:
The index is based on the analysis of some 22,000 submissions per quarter. The data is completely anonymized during collection and analysis by Applied experts.
The Applied P&C Insurance Index report was released earlier this month.