All Major Commercial Lines Saw Month-over-Month Increases in October

Average premium renewal rates of all major commercial insurance lines increased month over month in October, according to the Ivans Index, a regular premium renewal rate index compiled by the Ivans insurance exchange service.

Year over year, commercial auto, businessowners policy (BOP), general liability, commercial property, and umbrella all experienced increasing average premium renewal rates in October, while premium renewal rates decreased for workers compensation, Ivans reported.

Premium renewal rate changes by the line of business during October include the following.

• Commercial auto. Premium renewal rates for commercial auto increased 8.52 percent in October, up from a 7.40 percent increase the prior month.
• BOP. Businessowners policy premium renewal rates increased 8.77 percent in October, up from a 7.56 percent increase in September.
• General liability. The October premium renewal rate for general liability coverage increased 5.67 percent, up from a 5.32 percent increase a month earlier.
• Commercial property. Commercial property saw a 10.42 percent premium renewal rate increase in October, up from a 9.94 percent increase in September.
• Umbrella. The premium renewal rate for umbrella coverage increased 6.22 percent in October, up from a 5.20 percent increase the prior month.
• Workers compensation. The workers compensation premium renewal rate decreased 1.26 percent in October, up from a 1.37 percent decrease in September.

The monthly Ivans Index is based on the analysis of data from more than 120 million commercial insurance transactions.