April Sees Varied Premium Renewal Trends Across Commercial Insurance Lines

Most commercial insurance lines saw year-over-year premium renewal rate increases in April, though workers compensation saw premium renewal rates decrease during the month, according to the Ivans Index, a regular premium renewal rate index compiled by the Ivans insurance exchange service.

Commercial auto, businessowners policy (BOP), general liability, commercial property, and umbrella all experienced year-over-year increases in average premium renewal rates in April, according to Ivans.

Month over month, all lines of business experienced decreases in premium renewal rate change in April except umbrella, which saw a significant increase, Ivans found.

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

• Commercial auto. The average premium renewal rate for commercial auto increased by 8.17 percent in April, down from a 9.87 percent increase in March.
• BOP. The BOP premium renewal rate increased by 7.94 percent in April, down from an 8.84 percent increase a month earlier.
• General liability. General liability saw a 4.77 percent premium renewal rate increase in April, down from a 6.07 percent increase during the prior month.
• Commercial property. The average premium renewal rate increase for commercial property was 9.96 percent in April, down from 10.50 percent in March.
• Umbrella. Umbrella saw a 9.52 percent premium renewal rate increase in April, up from a 7.10 percent increase a month earlier.
• Workers compensation. The premium renewal rate for workers compensation decreased by 2.16 percent in April, down from a 1.57 percent decrease in March.

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