Commercial lines rate movements were mixed in April but generally showed a continuation in the trend of increases across most lines, according to data from the latest IVANS Index.
IVANS, which is a division of Applied Systems, observed an uptick in premium renewal rates for General Liability, Umbrella, and Workers’ Compensation lines when compared with the previous month.
In contrast, Commercial Auto, BOP, and Commercial Property lines experienced a downward turn in rate movement month-over-month.
General Liability increased from 2.05% at the end of March to 2.18% at the end of April, while Umbrella increased from 2.39% to 2.59%.
Workers’ Compensation also saw a significant increase, from -4.43% to -3.77%, but remained negative overall.
Meanwhile, Commercial Auto rate movements decreased from 4.42% at the end of March to 4.33% at the end of April, according to the IVANS Index.
Similarly, BOP decreased from 4.39% to 4.12%, while Commercial Property slid from 4.40% to 3.69%.
“The latest IVANS Index results show a continued trend of increases in most commercial lines with the exception of Workers’ Compensation,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services.
“Our data-driven approach to the IVANS Index helps identify the most profitable lines of business for insurers to invest and guide pricing strategies,” he added.
The IVANS Index analyses more than 120 million data transactions from 32,000 agencies and 400 insurers and MGAs to track premium rate trends year-over-year in the U.S insurance market.