The February results of the IVANS Index, a division of Applied Systems, show that nearly all lines of business experienced an increase in average premium renewal rate year-over-year.
Compared with the previous month, Commercial Auto and Commercial Property lines saw the greatest average rate increases, while Umbrella had the most significant downturn.
Commercial Auto lines were up 5.88% in February compared with 4.09% in January, while Commercial Property was up to 5.28%, versus 4.86% previously.
Similarly, BOP increased to 4.69% from 4.4% in January, while General Liability was up slightly to 3.04% from 3.02%.
In contrast, Umbrella rates fell from 3.08% to 2.89% last month, while Worker’s Compensation went down from -1.63% to -1.85% and remained the only line to stay in negative territory.
“Month over month, our data shows that average premium renewal rates continue to rise across major commercial lines, reflecting both in the data as well as the daily experiences of our agency and carrier partners,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services.
“The IVANS Index continues to bring the intelligence insurers need to guide pricing strategies and for agencies to deliver more data-backed guidance to their customers regarding expected renewal rates.”
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.