February 18, 2021
(Tampa, FL, Economic & Insurance News by Insurance Market 360) – The July results of the IVANS Index, which shows the insurance industry’s premium renewal rate index, show that all lines of business saw increases in average premium renewal rates, except for Workers’ Compensation, which declined.
July premium renewal rates for Commercial Auto, General Liability and Commercial Property,all had positive changes month-over-month. BOP, Umbrella and Workers’ Compensations experienced negative changes.
Highlights of premium renewal rate changes for July 2020 include:
- Commercial Auto: 5.1%, up from 4.63% last month.
- BOP: 4.38%, down from 4.64% at the end of June.
- General Liability: 3.45%, up from 3.36% the month prior.
- Commercial Property: 5.42%, up from 5.23% in June.
- Umbrella: 3.23%, down from 3.56% the month prior.
- Workers’ Compensation: -2.66%, down from -2.49% last month.
“Year over year, we continue to see the commercial lines premium renewal rates on the rise, with the exception of Workers’ Compensation,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services. “The data insights of the IVANS Index continues to demonstrate a hardening market and acts as further evidence of insurers taking rate to mitigate potential loss.”
Download the complete Q2 IVANS Index report here.