Month over month, premium renewal rates decreased across all major commercial lines, according to the May results of the IVAN Index, a division of Applied Systems.
However, measured year over year, all lines of business saw an increase in average premium renewal rate.
This is with the exception of Workers’ Compensation, which experienced a negative change in premium.
Commercial Auto premium rate change stood at 4.73% in May, down from 4.8% last month, while BOP was at 5.06%, down from 5.22% at the end of March.
Meanwhile, General Liability was 3.23%, down from 3.29% the month prior, and Commercial Property moved to 5.13%, down from 5.51%.
Umbrella, was down at 3.01% from 3.18% previously, while Workers’ Compensation was at -2.68%, down from -2.06% last month.
“The latest IVANS Index results show a continued steady pattern of year-over-year increases across most major lines,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services.
“As the impact of COVID-19 and other environmental impacts unfold, we will continue to monitor premium changes closely and provide a data-driven view into the health of the insurance industry for both brokers and insurers.”
The IVANS Index is released on a monthly basis as a data-driven report of current conditions and trends for premium rate renewal change of the most placed commercial lines of business across the insurance sector.
