IVANS, a division of Applied Systems, has released the February results of its insurance premium renewal rate index, which shows that nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate.
Month over month, premium renewal rates increased for lines of business including Business Owners’ Policy (BOP) and Workers’ Compensation.
But commercial Auto, General Liability, Commercial Property and Umbrella experienced decreasing average premium renewal rates.
Premium renewal rate change by line of business for February 2022 highlights reported that Commercial Auto came in at 4.06%, down from 4.13% last month, with BOP at 5.41%, up from 5.28% at the end of January.
General Liability was reportedly at 4.11%, down from 4.23% the month prior, followed by Commercial Property at 6.01%, down from 6.17% last month.
Umbrella was measured at 4.68%, down from 5.58% the month prior and Workers’ Compensation at -0.95%, up from -1.26% last month.
Kathy Hrach, vice president of Product Management, IVANS Insurance Services commented: “After seeing a rare dip in premium renewal rates last month for most of the major commercial lines, month-over-month trends have rebounded for most lines with the exception of Commercial Auto and General Liability which continue to decrease.
“Year-over-year, Workers’ Compensation continues to be the only major commercial line of business below zero, continuing a trend that has been happening for years.”