IVANS has said that the majority of commercial lines of business experienced increases in April and remain higher than at the same point last year.
According to the firm, Workers’ Compensation remains the only line of business to decrease in average premium renewal rates. All other major commercial lines continue to experience rate increases compared to the same time last year.
Month over month, premium renewal rates increased for lines of business including Commercial Auto, Business Owners’ Policy (BOP), General Liability and Workers’ Compensation. Commercial Property and Umbrella experienced decreasing average premium renewal rates.
It also said that the premium renewal rate change by line of business for April 2022 highlights include:
- Commercial Auto: 5.20%, up from 4.47% last month.
- BOP: 5.56%, up from 5.28% at the end of March.
- General Liability: 4.64%, up from 4.56% the month prior.
- Commercial Property: 6.05%, down from 6.29% in March.
- Umbrella: 5.17%, down from 7.04% the month prior.
- Workers’ Compensation: -0.91%, up from -1.48% last month.
These latest results the trends indicated by the index in May when premium renewal rates increased for all major commercial lines of business with the exception of Workers’ Compensation.