Most Commercial Lines Saw Premium Renewal Rate Increases in November

All commercial insurance lines, other than workers compensation, experienced year-over-year increases in average premium renewal rate in November, according to the Ivans Index, a regular premium renewal rate index compiled by the Ivans insurance exchange service.

On a month-over-month basis, most commercial lines experienced premium renewal rate increases in November except for general liability, which remained consistent with its October level, and commercial property and workers compensation, which both saw decreases.

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

• Commercial auto. The commercial auto insurance premium renewal rate increased 9.86 percent in November, up from a 9.62 percent increase in October.
• Business owners policy (BOP). BOP saw an 8.95 percent increase in premium renewal rate in November, up from an 8.72 percent increase the month prior.
• General liability. The premium renewal rate for general liability insurance increased 3.89 percent in November, consistent with the 3.89 percent increase in October.
• Commercial property. November’s 10.98 percent premium renewal rate increase for commercial property insurance was down from the 11.24 percent increase in October.
• Umbrella. Umbrella insurance coverage experienced an 8.71 percent premium renewal rate increase in November, up from an 8.49 percent increase a month earlier.
• Workers compensation. The premium renewal rate for workers compensation decreased 1.52 percent in November, down from a 1.43 percent decrease in October.

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