The April 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.
All lines saw an uptick compared with the same period last year, with the exception of Workers’ Compensation, which saw a decrease in premium
And compared with the previous month renewal rates saw positive change across the majority of the Commercial Lines products, including Commercial Auto, BOP, General Liability and Commercial Property.
According to the IVANS Index, only Umbrella and Worker’s Compensation saw negative changes.
Specifically, Commercial Auto rates were up 4.8%, compared with 4.75% in March, while BOP increased 5.22%, versus 4.85% previously.
General Liability was also up 3.29% from 3.18% last month, and Commercial Property rose 5.51%, compared with 5.28% before.
In contrast, Umbrella decreased from 3.22% in March to 3.18% in April, while Workers’ Compensation moved from -1.96% to -2.06%.
“The IVANS Index currently shows slight increases in premium renewal rates across nearly all major commercial lines of business, responding to changing market dynamics,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services.
“As the pandemic changes the way the world does business, we will continually watch the numbers closely to see how changing market dynamics will impact the health of the industry.”
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.