IVANS, a division of Applied Systems, has reported renewal rate change for all major commercial lines of business except General Liability and Commercial Property are up year over year in November 2023.
According to IVANS Index, November 2023 experienced an increase in average premium renewal rate change across Commercial Auto, BOP, Umbrella and Workers’ Compensation, while General Liability and Commercial Property saw a decline.
Premium renewal rate change by line of business for November 2023 highlights includes Commercial Auto at 9.19%, up from 8.52% in October.
At the same time, BOP’s premium’s increased at 8.87%, up from 8.77% at the end of October.
Umbrella premium renewal rate change witnessed an increase during November at 6.33%, up from 6.22% the prior month.
Workers’ Compensation premium renewal rate change was 0.15%, up from -1.26% in October.
While, General Liability premium renewal rate changed at 5.65%, down slightly from 5.67% the month prior.
Commercial Property premium renewal rate change was 9.93%, down from 10.42% in October.
