Most Commercial Lines Continued To See Premium Increases in August

Most major commercial insurance lines experienced both year-over-year and month-over-month increases 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 umbrella experienced increases in their average premium renewal rate, while workers compensation saw a decrease.

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 7.01 percent in August, up from a 6.62 percent increase in July.
• BOP. The BOP premium renewal rate increased 7.84 percent in August, up from a 7.82 percent increase a month earlier.
• General liability. The general liability premium renewal rate increased 5.61 percent in August, rising from a 5.37 percent increase in July.
• Commercial property. The premium renewal rate for commercial property increased 10.56 percent in August, up from a 9.74 percent hike in July.
• Umbrella. The umbrella premium renewal rate increased 5.76 percent in August, up from 4.9 percent the prior month.
• Workers compensation. The premium renewal rate for workers compensation decreased 1.07 percent in August, down from a 0.52 percent decrease a month earlier.

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