Premium Increases Continue Across Nearly All Lines in October
November 11, 2020
Nearly all commercial insurance lines saw year-over-year renewal rate increases again in October, according to the IVANS Index, a regular premium renewal rate index compiled by the IVANS insurance exchange service.
Year-over-year, all lines of business except workers compensation saw an increase in average premium renewal rates. Workers compensation experienced a decrease in average premiums.
Month-over-month, October premium renewal rates increased from September for general liability, commercial property, and umbrella. Commercial auto, businessowners policy (BOP), and workers compensation experienced renewal rate decreases from September to October.
Premium renewal rate changes by line of business in October include the following.
- Commercial auto: 4.43 percent increase, down from a 5.08 percent increase in September
- BOP: 4.39 percent increase, down from a 4.89 percent increase in September
- General liability: 3.38 percent increase, up from a 3.25 percent increase the prior month
- Commercial property: 5.52 percent increase, up from a 5.01 percent increase in September
- Umbrella: 3.78 percent increase, up from a 2.78 percent increase the prior month
- Workers compensation: 2.78 percent decrease, down from a 2.07 percent decrease in September
IVANS Index shows a continued rise for most commercial lines premium renewal rates while indicating some slight softening of premium renewal averages as compared to months prior," Kathy Hrach, vice president of product management, IVANS Insurance Services, said in a statement.
IVANS Index analyzes more than 120 million data transactions to measure premium renewal rate change year-over-year across the US market.
November 11, 2020