Commercial lines premium renewal rates fluctuated over the month of January, according to the latest results of the IVANS Index.
IVANS, a division of Applied Systems, reported that all major lines of business showed an increase in average premium renewal rate year-over-year in January.
This is with the exception of Workers’ Compensation, which saw a negative change in premium.
Month over month, premium renewal rates for lines of business including General Liability, Umbrella and Workers’ Compensation experienced upticks, while Commercial Auto, BOP and Commercial Property experienced decreases in premium renewal rates.
Specifically, Commercial Auto premium renewal rates were recorded at 4.45% in January, down from 5.03% at the end of December.
BOP, meanwhile, stood at 4.46% in January, down from 4.64% previously, and General Liability rates moved upward by 3.69%, an improvement from 3.59% the month prior.
Commercial Property were 5.63%, down from 5.68% in December, and Umbrella was 4.29%, up from 3.79% previously.
In contrast, Workers’ Compensation were found to be down -1.02%, although this was up from -1.7% in December.
“Year over year, premium renewal rates continued to climb in January across nearly all major commercial lines of business, except Workers’ Compensation,” said Kathy Hrach, vice president of Product Management, IVANS Insurance Services.
“We are seeing the rate change for General Liability steadily increase month over month, while Commercial Auto has fluctuated each month, ending this month with a downtick in premium renewal rate change as compared to the end of year 2020.”
