Data from the latest edition of the IVANS Index shows that average premium renewal rates were up across all lines of business over the month of January, with the exception of Workers’ Compensation.
Increases were led by Business Owners Policy (BOP) and Commercial Property lines, which remain the highest premium renewal rate increases year over year.
Month over month, Commercial Property and Umbrella saw increases in premium renewal rate change, while Commercial Auto, BOP, General Liability and Workers’ Compensation experienced decreases.
Breaking the data down by line, Commercial Property renewal rate change averaged 8.67%, up from 8.38% in December, while BOP was recorded at 6.87%, down from 7.23%, at the end of December.
Next, Commercial Auto rate change averages for January were recorded by Ivans at 5.84%, down from 6.13% last month, while General Liability was 5.34%, down from 5.71% the month prior, and Umbrella was 5.59%, up from 5.35% previously.
In contrast, average premium renewal rate changes for Workers’ Compensation lines were in negative territory at -1.85% in January, down from -1.66% the prior month.
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, which analyses more than 120 million data transactions to measure the premium difference for a single consistent policy.
