IVANS, a division of Applied Systems, has announced the May results of its insurance premium renewal rate index, which show that average premium renewal rates experienced an uptick across most major commercial lines.
Month over month, premium renewal rates rose for lines of business including BOP, General Liability, Commercial Property, Umbrella and Workers’ Compensation, while Commercial Auto decreased.
And year over year, nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate.
Specifically, Commercial Auto lines saw a 4.19% increase in premium rates over July, down from 4.28% in the previous month.
BOP rates were at 4.87%, up from 4.66% at the end of June, while General Liability rose from 4.07% to 4.17%, Commercial Property from 5.68% to 5.80%, and Umbrella from 4.60% to 4.73%.
In contrast Workers’ Compensation premium renewal rates moved by -1.93% in July, up from -2.06% in the previous month.
“The July results of the IVANS Index show a continued hardening in the market across almost all commercial lines of business as average premium renewal rates increase month over month,” said Kathy Hrach, vice president of Product Management, IVANS Insurance Services.
“While macroeconomic trends have created some volatility in the markets, our premium renewal data continues to show the strength and consistency of the insurance market.”