Premium Rate Increases Continue Across Nearly All Lines in November

Nearly all commercial insurance lines saw year-over-year premium rate increases in November, according to the IVANS Index, a regular premium renewal rate index compiled by the IVANS insurance exchange service.

Workers compensation was the only commercial insurance line of business not to experience a year-over-year increase in average premium renewal rate in November, instead seeing a negative change in premium, according to IVANS.

Month-over-month, premium renewal rate changes across major commercial insurance lines experienced variability, with businessowners policy (BOP), general liability, commercial property, and workers compensation experiencing increases, while commercial auto and umbrella experienced decreases from the prior month.

Premium renewal rate changes by line of business in November included the following.

• Commercial auto: 3.93 percent increase, down from a 4.43 percent increase in October
• BOP: 4.68 percent increase, up from a 4.39 percent increase in the month prior
• General liability: 3.43 percent increase, up from a 3.38 percent increase in October
• Commercial property: 5.66 percent increase, up from a 5.52 percent increase the prior month
• Umbrella: 2.82 percent increase, down from a 3.78 percent increase in October
• Workers compensation: 1.90 percent decrease, up from a 2.78 percent decrease in October

"The IVANS Index continues to show hardening rates across major lines of business but with slight softening of rates relative to months prior for commercial auto and umbrella," Kathy Hrach, vice president of product management, IVANS Insurance Services, said in a statement.

The IVANS Index analyzes more than 120 million data transactions to measure insurance premium renewal rate change year-over-year across the US market.