Most Commercial Lines Continued To See Premium Decreases from July to August

Most major commercial insurance lines experienced both year-over-year increases and month-over-month decreases in their average premium renewal rates in August, according to the Ivans Index, a regular premium renewal rate index compiled by the Ivans insurance exchange service.

Year over year, commercial auto, business owners policy (BOP), general liability, commercial property, and umbrella all saw their average premium renewal rates increase in August, while the average premium renewal rate decreased for workers compensation.

Month over month, commercial auto, BOP, general liability, commercial property, and workers compensation experienced decreases in their average premium renewal rate, while umbrella saw a slight increase.

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

• Commercial auto. The premium renewal rate change for commercial auto was 9.77 percent in August, down slightly from a 9.79 percent increase in July.
• BOP. The BOP premium renewal rate increased 8.64 percent in August, down slightly from an 8.71 percent increase a month earlier.
• General liability. The general liability premium renewal rate increased 4.18 percent in August, down from a 4.24 percent increase in July.
• Commercial property. The premium renewal rate for commercial property increased 11.40 percent in August, down from an 11.80 percent hike in July.
• Umbrella. The umbrella premium renewal rate increased 8.53 percent in August, slightly up from 8.43 percent the prior month.
• Workers compensation. The premium renewal rate for workers compensation decreased 1.37 percent in August, down slightly from a 1.32 percent decrease a month earlier.

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