Year-over-year premium renewal rates increase at a slower rate as most quarter-over-quarter premium rates decrease across the most commonly placed commercial lines of business Toronto, ON (Feb.13, 2025) – Applied Systems is pleased to announce the final quarter 2024 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index.Overall, the magnitude of rate increases was down across all lines relative to average premium renewals in the same quarter last year with 5.02% in Q4 2024, down from 7.55% in Q4 2023.

All lines of business saw decreases compared to the same quarter last year.Quarter over quarter, Q4 2024 results showed average renewal rate change decreased across all lines of the most commonly placed Commercial Lines categories, including Real Estate Property, Construction, Hospitality Services, and Retail Services, with the exception of Business and Professional Services which experienced a slight quarterly increase.Significant findings include: “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,” said Steve Whitelaw, senior vice president and general manager, Canada, Applied Systems.

“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.” Access the complete quarterly report.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.For more information, please visit appliedsystems.com.Tags: Applied Rating Index, Applied Systems, commercial lines