All Commercial Lines Saw Year-over-Year Premium Increases in February 2023
March 17, 2023
All commercial insurance lines experienced year-over-year increases in average premium renewal rate in February 2023, according to the Ivans Index, a regular premium renewal rate index compiled by the Ivans insurance exchange service.
Business owners policy (BOP) and commercial property continued to post the highest premium renewal rate increases among commercial insurance lines year over year in February, Ivans said.
Month over month, BOP, general liability, commercial property, and workers compensation all experienced increases in premium renewal rates in February, while commercial auto and umbrella saw decreases.
Premium renewal rate changes by the line of business during February include the following.
- Commercial auto. The average premium renewal rate for commercial auto was 5.64 percent in February, down from 5.84 percent the prior month.
- BOP. The average BOP premium renewal rate was 7.18 percent in February, up from 6.97 percent in January.
- General liability. General liability posted a 5.37 percent premium renewal rate in February, up from 5.34 percent in January.
- Commercial property. The average premium renewal rate for commercial property was 8.86 percent in February, up from 8.67 percent in January.
- Umbrella. The average premium renewal rate for umbrella was 4.98 percent in February, down from 5.59 percent in January.
- Workers compensation. The average premium renewal rate for workers compensation decreased to 0.86 percent in February, up from a 1.85 percent decrease in January.
The monthly Ivans Index is based on the analysis of data from more than 120 million commercial insurance transactions.
March 17, 2023