Looking at premium renewal rates over the month of April, the latest data from the IVANS Index shows that nearly all lines of business experienced an increase in pricing.
This was with the exception of Workers’ Compensation lines, which continued to see negative premium renewal rates last month.
IVANS, a division of Applied Systems, also reported that Commercial Auto, BOP, General Liability and Umbrella experienced rate increases month over month, although Commercial Property saw a downturn.
Again, Workers’ Compensation was the exception as it remained unchanged from the average premium renewal rate in March.
Commercial Property lines still saw the largest rate increases through April at 5.52%, but this was down from 5.69% in March.
Following this was Commercial Auto at 4.65%, compared with 3.91% in the previous month, then BOP at 4.64%, up from 4.54% in March.
Next, Umbrella lines saw average renewal rate increases of 4.29%, up from 4.18%, and General Liability was at 4.00%, up from 3.61% previously. Workers’ Compensation rate movements remained unchanged at -1.64% last month.
“This month’s IVANS Index results continue to demonstrate a hardening market with nearly all major commercial lines of business increasing quarter over quarter after having dipped at the end of March,” said Kathy Hrach, vice president of Product Management, IVANS Insurance Services.
“Year over year, BOP and Commercial Property continue to experience the greatest increase across all major commercial lines of business. We expect this trend to evolve as macroeconomic developments play out as a result of the pandemic.”
