In October, premium renewal rates were up for the majority of standard commercial lines products, with workers’ compensation remaining the major line where rates did not go up, according to IVANS Index that tracks renewal premiums.
Business owners policyholders saw the highest premium renewal rate change.
According to IVANS, which is a division of Applied Systems, premium renewal rate changes by line of business for October included:
- Commercial Auto: 3.10%, up from 2.55% at the end of September.
- BOP: 3.57%, down from 3.87% the month prior.
- General Liability: 1.79%, up from 1.70% at the end of June.
- Commercial Property: 2.83%, up from 2.40% the month prior.
- Umbrella: 1.45%, up from 1.34% at the end of June.
- Workers’ Compensation: -2.24%, down from -1.31% the month prior.
“The latest IVANS Index figures show that premium renewal rate change across the industry remained mainly positive, but demonstrated more variance month-to-month than prior months,” said Matt Foran, vice president of IVANS Markets, which offers the index.
The monthly IVANS Index analyzes more than 120 million data transactions, measuring the premium difference year over year for a single consistent policy. Its database includes more than 30,000 agencies and 380 insurers and managing general agencies.
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