IVANS, a division of Applied Systems, has reported an increase in the average premium renewal rate change across all major commercial lines of business year over year in August.
According to IVANS Index, August experienced an increase in average premium renewal rate change across Commercial Auto, BOP, Commercial Property, General Liability and Umbrella, while Workers’ Compensation saw a decline, year over year.
Month over month, Commercial Auto, BOP, General Liability, Commercial Property and Umbrella experienced increases in premium renewal rate change, while Workers’ Compensation saw a decrease.
Commercial Auto premiums averaged 6.50% in Q2’23, compared to average premium renewal rate of 5.85% in Q1’23.
At the same time, BOP premium’s increased in August with an average of 7.56%, compared to 7.12% in Q1’23.
Moving to Commercial Property, premium renewal rate change experienced an increase during August at 9.77% versus 8.89% in Q1’23.
For General Liability, August premium’s experienced a slight decrease compared to previous quarter, averaging 5.21% versus 5.23%. Compared to Q2’22, General Liability saw a relatively significant jump, increasing from 4.76%.
Umbrella premium renewal rate change witnessed an increase during August at 5.12%, rising slightly from 5.08% in Q1’23.
Workers’ Compensation premium renewal rate change averaged -1.10% for August, up from Q1’23 at -1.36%. Workers’ Compensation average premium renewal rate change was lower in Q2’23 compared to Q2’22, which averaged -0.73%.
“Hard market rates continue with average premium renewal rates for most major commercial lines of business up year over year and month over month.”
