Commercial Lines Month-over-Month Premium Changes Mixed in November

While all major commercial insurance lines experienced year-over-year increases in average premium renewal rate in November, the month-over-month picture was mixed, according to the IVANS Index, a regular premium renewal rate index compiled by the IVANS insurance exchange service.

Month over month, commercial auto, business owners policy (BOP), umbrella, and workers compensation all experienced increases in premium renewal rate change, while general liability and commercial property saw decreases in their premium renewal rate changes, IVANS said.

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

• Commercial auto. The average premium renewal rate for commercial auto insurance increased 9.19 percent in November, up from an 8.52 percent increase in October.
• BOP. The BOP premium renewal rate increased 8.87 percent in November, up from an 8.77 percent increase the prior month.
• General liability. The average premium renewal rate for general liability insurance increased 5.65 percent in November, down slightly from a 5.67 percent increase in October.
• Commercial property. The premium renewal rate for commercial property increased 9.93 percent in November, down from a 10.42 percent increase a month earlier.
• Umbrella. The average premium renewal rate for umbrella insurance increased 6.33 percent in November, up from a 6.22 percent increase in October.
• Workers compensation. Workers compensation saw the average premium renewal rate increase 0.15 percent in November, up from a 1.26 percent decrease the prior month.

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