Most commercial lines of business experienced a decrease in average premium renewal rate month over month, according to new data from technology provider IVANS.
IVANS on Thursday released the January results of the IVANS Index, a premium renewal rate index for the insurance industry. IVANS found that year over year, nearly all lines of business, with the exception of workers’ compensation, posted a year-over-year increase in average premium renewal rates. Month over month, premium renewal rates rose for commercial property and umbrella, while decreasing for other lines of business.
Premium renewal rate change by line of business for January include:
- Commercial auto: 4.13%, down from 4.55% in December
- Business owners’ policy: 5.28%, down from 5.77% in December
- General liability: 4.23%, down from 4.78% in December
- Commercial property: 6.17%, up from 6.14% in December
- Umbrella: 5.58%, up from 5.4% in December
- Workers’ compensation: -1.26%, down from -1.16% in December.
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“Many of the major commercial lines of business that had been steadily rising over the course of last year, such as BOP and general liability, experienced decreases in average premium renewal rates this month,” said Kathy Hrach, vice president of product management at IVANS Insurance Services. “Year over year, commercial lines of business remain positive, with the exception of workers’ compensation, which continues to report below zero.”
Released monthly, the IVANS Index reports on current conditions and trends for premium rate renewal change for the most placed commercial lines of business in the insurance industry.