IVANS, a division of Applied Systems, has reported renewal rate change for all major commercial lines of business except Workers’ Compensation are up year over year in October 2023.
The third quarter of 2023 experienced an increase in average premium renewal rate change across all major commercial lines compared to Q2’23, the report noted.
According to IVANS Index, October 2023 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.
Premium renewal rate change by line of business for October includes Commercial Auto at 8.52%, compared to 7.40% in September.
At the same time, BOP’s premium’s increased at 8.77% in October, compared to 7.56% at the end of September.
For General Liability, premium renewal rate changed at 5.67%, up from 5.32% the month prior.
Moving to Commercial Property, premium renewal rate change experienced an increase at 10.42%, compared with 9.94% in September.
Umbrella premium renewal rate change witnessed an increase during October at 6.22% versus 5.20% in September.
Workers’ Compensation premium renewal rate change was -1.26% in October, up from -1.37% last month.
