IVANS, a division of Applied Systems, has announced the May results of its insurance premium renewal rate index, revealing an increase in average premium renewal rate, except Workers’ Compensation, which remained negative.
Released monthly, IVANS Index is a data-driven report of current conditions and trends for premium rate renewal change of the most placed commercial lines of business in the insurance industry.
Month over month, premium renewal rates for lines of business including Umbrella and Workers’ Compensation saw increases, while Commercial Auto, BOP, General Liability and Commercial Property experienced a downturn.
Premium renewal rate change by line of business for May includes Commercial Auto at 4.59%, down from 4.65% last month; BOP at 4.48%, down from 4.64%; General Liability at 3.79%, down from 4.00% and Workers’ Comp at -1.52%, up from -1.64% last month.
“This month’s IVANS Index demonstrates that Commercial Property rates continue to remain high while Workers’ Compensation premium renewal rates trend up, notably closer to flat compared to year’s prior,” said Kathy Hrach, vice president of Product Management, IVANS Insurance Services.
“While month-over-month trends experienced a little softening in the market relative to last year, the market remains firm with expected increases in rates during renewals.”
