The Results of IVANS’ index for Q1 2019 show that premium renewal rates increased across almost all major commercial lines of business when compared against the previous quarter.
However, the General Liability renewal rate experienced a decrease while the Workers’ Compensation average dropped and remained in negative territory, consistent with the year-end 2018 results.
Commercial Auto averaged 4.53% for the quarter, with a quarter high in February at 4.61%. February marked the Q1 premium renewal rate change high for both 2018 and 2019.
For Business Owner’s Policy, first quarter averaged 4.19%, representing an increase over last quarter’s average of 4.00%. BOP premium renewal rate change finished the quarter at 4.39% in March.
General Liability decreased from Q4, averaging 1.67% change relative to 2.54%. The quarter premium renewal rate change reached its low of 1.16% in January.
Commercial Property increased to 4.24%, reaching a quarter high in February at 4.58%.
Umbrella averaged 2.54% versus 2.42% in Q4. Umbrella premium renewal rate change for the quarter reached its high in February at 3.06%.
Workers’ Compensation’s Average premium renewal rate change for the quarter reached -2.95%, down from Q4 average of -3.04%.
Notably, Commercial Auto, BOP, Commercial Property and Umbrella experienced higher average premium renewal rate change from the quarter prior.
“Similar to the end of 2018, premium renewal rates experienced a continued increase compared to the year prior, with the exception of General Liability and Workers’ Compensation which experienced downward trends,” said Brian Wood, vice president of Data Products Group, IVANS Insurance.
“As the only index that represents industry-wide transactions, IVANS Index empowers agents and insurers with data insights to inform their renewals conversations and support business decisions like pricing.”