IVANS, a division of Applied Systems, has announced the November results of its insurance premium renewal rate index, which show that year-over-year premium renewal rates remain positive for the majority of commercial lines.
Month over month, premium renewal rates also increased for lines of business including Commercial Auto, Business Owners’ Policy (BOP), General Liability and Workers’ Compensation, while Commercial Property and Umbrella premium renewal rates were found to have 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 4.89% increase in premium rates over November, down from 4.64% in the previous month.
BOP rates were at 5.74%, up from 5.24% at the end of October and General Liability rose from 4.18% to 4.27%.
In contrast, Commercial Property renewal rates fell slightly from 5.93% in October to 5.77% in November, while Umbrella from decreased from 5.02% to 4.97%.
Workers’ Compensation continued to be the outlier, with premium renewal rates moving from -1.57% to -0.75%.
“The November results of the IVANS Index indicates a continued hardening of the market with month-over-month premium renewal rates rising for most lines of business,” said Kathy Hrach, vice president of Product Management, IVANS Insurance Services.
“Year-over-year average premium renewal rates remain consistent with previous months with Workers’ Compensation being the only line of business in the negative territory, despite rising to its highest average since May 2017.”
