Premium renewal rates for major commercial lines of business remain up year-over-year, according to the latest edition of the IVANS Index, despite fluctuations on a monthly basis.
All lines of business expect Workers’ Compensation were up YoY, the Index shows, with BOP and Commercial Property showing the highest average increases.
Month-over-month, BOP lines showed average rate increases of 6.44% in August, down from 6.28% at the end of July, while Commercial Property rates were recorded at 6.57%, down from 6.62% in the previous month.
Commercial Auto and General Liability lines both showed monthly increases, with the former increasing from 4.76% to 4.87% and the latter from 4.65% to 4.98%.
In contrast, Umbrella rate decreased from 5.49% in July to 4.9% in August, IVANS said, while Workers’ Compensation rates remained in negative territory at -0.97%, but increased on monthly basis from -1.24% in July.
The IVANS Index is a data-driven report of current conditions and trends for premium renewal rate change of the most placed commercial lines of business in the insurance industry.
Analysing more than 120 million data transactions, the index measures the premium difference year-over-year for a single consistent policy.
