YoY decrease in rate changes across all commercial lines in Q4’24: Applied Systems

Applied Systems has released the fourth-quarter 2024 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index, showing a decline in average premium renewal rate increases across all lines, with a 5.02% rise in Q4’24, down from 7.55% in Q4’23.

Quarter over quarter, Q4’24 results revealed a decrease in average renewal rate changes across most commonly placed commercial lines, except for Business and Professional Services, which saw a slight increase to 5.48%, up from 5.30% in Q3’24.

For Construction, Erection, and Installation Services, the average premium renewal rate change was 4.78%, down from 5.36% in Q3’24.

Hospitality Services saw an average of 3.79%, down from 5.77% in Q3’24.

Real Estate Property renewal rates averaged 4.59%, down from 5.32% in Q3’24.

Retail Services premium renewal rate change averaged 6.84%, down from 7.53% in Q3’24.

Steve Whitelaw, Senior Vice President and General Manager of Canada at Applied Systems, said, “This quarter’s results demonstrate a continued softening of the commercial lines market as premium renewal rates decrease quarter over quarter and compared to the average of last year’s same quarter.

“As we enter 2025, we will continue to watch as macro trends, such as increased competition in the commercial lines market, continues to impact rates.”

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