Nearly All Commercial Insurance Lines Saw Premium Increases in October
November 22, 2022
Year over year, all commercial insurance lines except workers compensation experienced an increase in average premium renewal rate in October, 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 year-over-year premium renewal rate increases in October, IVANS reported.
Month over month, commercial auto, BOP, and workers compensation saw increases in premium renewal rate change, while general liability, commercial property, and umbrella experienced decreases, IVANS said.
Premium renewal rate changes by the line of insurance business during October include the following.
- Commercial auto. The average premium renewal rate increased 5.12 percent, up from a 5.05 percent increase in September.
- BOP. The 7.15 percent increase in average premium renewal rate was up from a 6.63 percent increase a month earlier.
- General liability. The average premium renewal rate increase of 5.24 percent was down from a 5.4 percent increase in September.
- Commercial property. The 7.55 percent average premium renewal rate increase in October was down from the 7.65 percent increase the prior month.
- Umbrella. The average premium renewal rate increased 4.44 percent in October, down from a 5.25 percent increase in September.
- Workers compensation. The average premium renewal rate for workers compensation decreased 1.01 percent in October, up from a 1.02 percent decrease the prior month.
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.
November 22, 2022