Insurance premiums for both Personal Auto lines and Personal Property lines in Canada decreased year over year in 2023.
According to Applied Systems, the Personal Auto Insurance premium rate change decreased to 4.1% versus 2023, though saw an increase of 4.1% versus Q2 2023.
Personal Property Insurance premium rate change decreased to 5.1% versus Q3 2022 and by 0.1% versus Q2 2022.
Across Personal Auto, all provinces experienced a decreased rate change year over year with Ontario, Quebec and the Atlantic Provinces seeing 1.3%, 9.1% and 7.8%, respectively.
Alberta experienced an increased rate change year over year of 6.4%. Relative to Q2 2023, all provinces experienced an increase in rate change.
Alberta, Ontario, Quebec, and the Atlantic Provinces saw increases in premium rates quarter over quarter, to 3%, 3.2%, 4.4%, and 3.9%, respectively.
Across Personal Property, British Columbia, Ontario, and Quebec all experienced decreased rate change year over year to 7%, 4.6%, and -5%.
Alberta, the Atlantic Provinces, Saskatchewan and Manitoba all experienced increased rate change year over year to 11.7%, 7.4%, and 6.9%.
Applied notes that relative to Q2 2022, all provinces experienced an increase in rate change except Ontario and Quebec, which saw decreases of 1.0% and -7.6%.
Alberta, British Columbia, the Atlantic Province, Saskatchewan and Manitoba all saw increases quarter over quarter of 4.9%, 0.3%, 1.7%, and 1.4%.
While we have seen rate reductions in the Personal Auto market in the last quarter, personal property rates have increased both quarter-over-quarter and year-over-year.
Insurers will continue to follow rate trends to provide brokers with the information needed to educate their customers in their purchasing decisions.