All Lines but Workers Compensation Saw Premium Increases in November
December 16, 2022
Year over year, all commercial insurance lines of business except workers compensation experienced an increase in average premium renewal rate in November, 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 see the highest premium renewal rate increases year over year. Month over month, commercial auto, general liability, commercial property, and umbrella all saw increases in their premium renewal rate change, while BOP and workers compensation experienced decreases.
Premium renewal rate changes by the line of insurance business during November include the following.
- Commercial auto. The average premium renewal rate for commercial auto increased by 5.62 percent in November, up from 5.12 percent in October.
- BOP. The BOP premium renewal rate increase was 6.66 percent in November, down from a 7.15 percent increase in October.
- General liability. General liability saw a 5.51 percent increase in premium renewal rate in November, up from a 5.24 percent increase the prior month.
- Commercial property. The premium renewal rate for commercial property increased by 7.92 percent in November, up from a 7.55 percent increase in October.
- Umbrella. Umbrella experienced a 5.04 percent premium renewal rate increase in November, up from October's 4.44 percent increase.
- Workers compensation. The premium renewal rate for workers compensation decreased by 1.77 percent in November, down from a 1.01 percent decrease a month earlier.
Released on a monthly basis, the Ivans Index analyzes more than 120 million data transactions to measure the premium renewal rate change year over year across the US insurance market.
December 16, 2022