Most Commercial Insurance Lines Saw Premium Increases in July

Average premium renewal rates for nearly all commercial insurance lines continued to experience year-over-year increases in July, according to the IVANS Index, a regular premium renewal rate index compiled by the IVANS insurance exchange service.

Workers compensation was the only commercial insurance line not to experience year-over-year increases during the month, IVANS reported.

Month over month, average premium renewal rates decreased in July for commercial auto, general liability, commercial property, and workers compensation, according to IVANS. Average premium renewal rates for business owners policy (BOP) and umbrella increased.

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

• Commercial auto. The average premium renewal rate increase was 4.76 percent in July, down from 4.92 percent in June.
• BOP. The average BOP premium renewal rate increase of 6.28 percent in July was up from 5.83 percent a month earlier.
• General liability. The average premium renewal rate increase for general liability decreased to 4.65 percent in July from 4.78 percent in June.
• Commercial property. The average premium renewal rate increase for commercial property was 6.62 percent in July, down from 6.67 percent in June.
• Umbrella. The average premium renewal rate for umbrella coverage increased to 5.49 percent in July from 5.29 percent the month prior.
• Workers compensation. The average premium renewal rate for workers compensation decreased 1.24 percent in July, down from a 0.43 percent decrease in June.

Released on a monthly basis, the IVANS Index analyzes more than 120 million data transactions to measure premium renewal rate change year-over-year across the US market.