Ivans Index shows increase in premium renewal rates in July

Ivans, a division of Applied Systems, has reported an increase in average premium renewal rate change across all major commercial lines of business, except for Workers’ Compensation, year over year in July.

According to the Ivans Index, July experienced an increase in average premium renewal rate change across Commercial Auto, Business Owner’s Policy (BOP), General Liability, Commercial Property and Umbrella, while Workers’ Compensation saw a decline year over year.

However, month over month, all major commercial lines of business experienced increases in premium renewal rate change, except for Commercial Property, which saw a decrease.

Notably, Commercial Auto’s premium renewal rate averaged 9.79%, a slight increase from 9.66% last month.

At the same time, BOP’s premium renewal rate change increased to 8.71%, compared to 8.37% from the end of June.

Moving towards General Liability, premium renewal rate change averaged 4.24%, compared to 4.07% from the prior month.

For Commercial Property, premium renewal rate averaged 11.80%, a decrease from 12.66% in June.

Additionally, Umbrella’s premium renewal rate averaged 8.43%, a slight increase from 8.25% the month prior, while Workers’ Compensation premium renewal rate change averaged -1.32%, up from -1.51% last month.

Released monthly, Ivans Index is a data-driven report of current conditions and trends for premium rate renewal change of the most placed commercial lines of business across the insurance sector.

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