Nearly all average premium renewal rates for major commercial lines of business remain up year-over-year and increased compared to last month, according to the May results of the the insurance premium renewal index by IVANS, a division of Applied Systems.
Year over year, the index shows that nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate.
And month over month, premium renewal rates increased for lines of business including Business Owners’ Policy (BOP), General Liability, Commercial Property and Workers’ Compensation.
However, average premium renewal rates for Commercial Auto and Umbrella decreased.
Specifically, Commercial Auto premium renewal rates were recording as increasing by 5.03% over the month of May, down from 5.20% in April.
BOP was at 5.67% in May, up from 5.56% in the previous month, and General Liability was at 4.85%, up from 4.64% the month prior.
Next, the index recorded Commercial Property rates at 6.49%, up from 6.05% in April, and Umbrella at 5.12%, down from 5.17% the month prior.
Finally, Workers’ Compensation remained in negative territory at -0.84%, but rates were up from the previous month’s level of -0.91%.