Average renewal rate change down in third quarter: Ivans

The average premium renewal rate change for most major commercial lines of business was down in the third quarter compared with the second quarter, Ivans Insurance Services said Thursday.

In commercial auto, the third-quarter premium renewal rate change decreased from last quarter, averaging 7.60%, compared to 8.43% in the second quarter. The quarter began with its highest rate change of 7.96% in July and reached its lowest renewal rate change, 7.19%, in August, according to the most recent Ivans Index.

For business owners policies, the premium renewal rate change decreased 7.55% in the third quarter compared with 7.87% in the second quarter. The quarter reached its highest premium renewal rate change in August at 7.65% and its lowest of 7.46% in September.

In commercial property, the third-quarter premium renewal rate change averaged 7.64%, compared with 7.89% in the second quarter, the index shows, beginning with a quarterly high in July at 7.98% and ending with a low in September at 7.11%.

For umbrella coverage, the average third-quarter premium renewal rate change was 8.99%, vs. 9.07% in the second quarter. The quarter began with the lowest rate change in July, at 8.83%, and ended with its highest rate change in September, at 9.12%.

In general liability, the third-quarter renewal rate change was 5.89% vs. 4.66% in the second quarter. The quarter began with the lowest rate change in July, at 4.98%, and reached its highest in September, at 6.78%.

For workers compensation, the premium renewal rate change averaged -1.42% in the third quarter, up from -1.75% in the second quarter. The quarter began with the lowest rate change in July, at -1.48%, and ended with its highest rate change in September, at -1.32%.

The index analyzes more than 120 million transactions and includes more than 38,000 agencies and 600 insurers and MGAs.