Insurance Premium Increases Continue Across Most Major Lines in July
August 11, 2020
All commercial insurance lines except workers compensation saw year-over-year increases in July, according to the IVANS Index, a regular premium renewal rate index compiled by IVANS insurance exchange service.
Compared to July 2019, commercial auto, general liability, commercial property, businessowners policy (BOP), and umbrella coverages experienced premium renewal rate increases in July, while the average workers compensation premium decreased.
July premium renewal rate changes included the following.
- Commercial auto: 5.1 percent increase, up from a 4.63 percent increase in June
- BOP: 4.38 percent increase, down from a 4.64 percent increase in June
- General liability: 3.45 percent increase, up from a 3.36 percent increase in June
- Commercial property: 5.42 percent increase, up from a 5.23 percent increase in June
- Umbrella: 3.23 percent increase, down from a 3.56 percent increase in June
- Workers compensation: 2.66 percent decrease, down from a 2.49 percent decrease in June
"Year-over-year, we continue to see the commercial lines premium renewal rates on the rise, with the exception of workers compensation," Brian Wood, vice president of Data Products Group, IVANS Insurance Services, said in a statement. "The data insights of the IVANS Index continues to demonstrate a hardening market and acts as further evidence of insurers taking rate to mitigate potential loss."
Released on a monthly basis, the IVANS Index analyzes more than 120 million data transactions to measure premium renewal rate change year-over-year across the US market.
August 11, 2020