Renewal premiums for a majority of standard commercial lines products continued to trend up in May, according to the latest IVANS Index. The exceptions were commercial auto and umbrella, which still rose in May but not as much as in April.
According to IVANS, premium renewal rate change by line of business for May 2018 includes:
- Commercial Auto: 4.04%, down from 4.54% at the end of April.
- BOP: 4.02%, up from 3.86% the month prior.
- General Liability: 2.37%, up from 2.16% at the end of last month.
- Commercial Property: 3.20%, up from 2.98% at the end of April.
- Umbrella: 1.54%, down from 2.31% the month prior.
- Workers’ Compensation: -2.71%, up from -2.93% at the end of April.
“This month’s IVANS Index demonstrates that the Commercial Lines market remains hard and further provides guidance on the most profitable lines of business for both insurers and agents,” said Brian Wood, vice president of IVANS Markets.
The IVANS Index measures the premium difference year over year for a single consistent policy. It analyzes transactions from more than 30,000 agencies and 380 insurers and managing general agencies across the country.
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