Data from the latest IVANS Index shows that year over year all lines of business experienced an increase in average premium renewal rate over February.
According to the report, Business Owners Policy (BOP) and Commercial Property remain the highest premium renewal rate increases year over year.
Additionally, month over month, BOP, General Liability, Commercial Property, and Workers’ Compensation all experienced increases in premium renewal rate change, with Commercial Auto and Umbrella being the only lines of business that experienced decreases.
Breaking the data down by line, Commercial Auto renewal rate change averaged 5.64%, down from 5.84% in January, while BOP was recorded at 7.18%, up from 6.87% at the end of January.
Next, General Liability rate change averages for February were recorded by IVANS at 5.37%, slightly up from 5.34% from the month prior, while Commercial Property was 8.86%, up from 8.67% in December.
Lastly, IVANS recorded Umbrella at 4.98%, down from 5.59% in the month prior, and Workers’ Compensation was -0.86%, up from -1.85% from 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.