Most standard commercial lines products saw an uptick in premiums at renewal in April, with workers’ compensation being the main exception, according to the IVANS Index.
Business owners and commercial property policyholders saw the biggest premium increases.
According to the IVANS Index, premium renewal rate change by line of business for April include:
- Commercial Auto: 2.65%, up from 2.61% at the end of March.
- Business Owner’s Policy (BOP): 4.02%, up from 3.86% the month prior.
- General Liability: 2.02%, down from 2.04% at the end of March.
- Commercial Property: 2.95%, up from 2.41% the month prior.
- Umbrella: 1.04%, down from 1.37% at the end of March.
- Workers’ Compensation: -0.19%, up from -0.25% the month prior.
Released on a monthly basis, the IVANS Index analyzes more than 120 million data transactions and measures the premium difference year-over-year for a single consistent policy. Leveraging more than 30,000 agencies and 380 insurer and MGAs, the developers of the IVANS Index say it reflects premium rate change trends being experienced by all agencies and insurers across the U.S. insurance market.
Matt Foran, vice president of IVANS Markets, said the index helps agencies “provide their clients with advice on expected renewal rates, as well as support insurer and managing general agencies’ pricing and product strategies.”
IVANS Index is available to agencies and insurers as part of Market Insights.