Nearly all major commercial insurance lines experienced premium renewal rate increases in October, according to the IVANS Index.
In its analysis, only workers’ compensation remained in negative premium renewal rate territory, IVANS said. Business Owners Policy remains as the line of business with the highest premium renewal rate change, despite continuing its downward trend.
October rate changes include:
- Commercial Auto: 3.10%, up from 2.55% at the end of September.
- BOP: 3.57%, down from 3.87% the month prior.
- General Liability: 1.79%, up from 1.70% at the end of June.
- Commercial Property: 2.83%, up from 2.40% the month prior.
- Umbrella: 1.34%, down from 1.45% at the end of June.
- Workers’ Compensation: -2.24%, down from -1.31% the month prior.
Analyzing more than 120 million data transactions, the IVANS Index measures the premium difference year over year.