Artemis ILS NYC 2020

Menu

Reinsurance News

Rate increases continue across most commercial lines at Q1: IVANS

12th April 2019 - Author: Charlie Wood

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%.

IVANS

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.”

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous article:
Aon Securities reveals key role in Chaucer acquisition, Peak Re sidecar

Aon Securities, the investment banking division of Aon, has detailed its involvement in two significant transactions on behalf of Asia...

Close