Ivans Index has disclosed its results for May, where year over year, Commercial Auto, Business Owner’s Policy (BOP), General Liability, Commercial Property and Umbrella each experienced notable increases in the premium renewal rates, while premium renewal rates decreased for Workers’ Compensation.
According to a month-over-month analysis, all segments have experienced increases in average premium renewal rates. However, the average premium renewal rate for Commercial Property remained flat month over month.
The premium renewal rate change in Commercial Auto was 9.97%, an increase from 8.17% last month. BOP came in at 12.14%, up from 7.94% at the end of April.
In General Liability, the rate change reported was 5.76%, an increase from 4.77% the month prior. Meanwhile, Commercial Property remained flat at 9.94% from 9.96% in April.
Lastly, Umbrella came in at 11.09%, up from 9.52% the month prior and Workers’ Compensation was -0.2%, up from -2.16% last month.
The Ivans Index is a monthly released data-driven report that provides insights into current conditions and trends for premium rate renewal changes across the insurance industry’s most placed commercial lines of business.
