Applied report reveals sharp rise in commercial insurance rates in Q3 2022
Applied Systems released results for its Applied Commercial Index, finding that premium rates rose 8.46% overall in the third quarter of 2022.
An index that analyzes trends in premium renewal rates within Canada’s most commonly placed commercial lines found that, with the exception of real estate services, all listed lines compared to Q3 2021 figures. prices are rising.
On a quarterly basis, the change in average renewal rates was broader spread, with declines in business and professional services and real estate and increases in construction, hospitality services, and retail services.
Here are the changes in premium renewal rates for the third quarter, averaged across commercial lines:
- Business and Professional Services: 8.72% to 8.07% in Q2 2022
- Construction, construction and installation services: 9.80% to 9.85% in Q2 2022
- Hospitality services: 8.82% to 10.40% in Q2 2022
- real estate: 8.81% to 7.76% in Q2 2022
- Retail service: 9.51% to 9.53% in Q2 2022
said Steve Whitelaw, Senior Vice President and General Manager, Canada, Applied Systems. “Industry resilience continues and towards the end of the year, he said, looking ahead to 2023, this data will continue to influence insurers’ pricing decisions and broker advice during renewal conversations. .”
According to Applied Systems, the Applied Commercial Index is extracted from approximately 22,000 data transactions each quarter, and changes in premium renewal rates measure year-over-year premium differences across various commercial sectors.
Applied report reveals sharp rise in commercial insurance rates in Q3 2022
Source link Applied report reveals sharp rise in commercial insurance rates in Q3 2022
