Most Major Commercial Line Premium Renewal Rates Increased Month-over-Month

May insurance premium increases continued for all lines month-over-month, except for commercial property, which remained flat, according to the IVANS Index, a monthly premium renewal rate index compiled by IVANS Insurance Services.

Premium rate renewal changes in May included the following.

• Commercial auto: 9.97 percent, up from 8.17 percent in April
• Businessowners policies (BOP): 12.14 percent, up from 7.94 percent in April
• General liability: 5.76 percent, up from 4.77 percent in April
• Commercial property: 9.94 percent, flat from 9.96 percent in April
• Umbrella: 11.09 percent, up from 9.52 percent in April
• Workers compensation: – 0.2 percent, up from – 2.16 percent in April

Year-over-year, all lines except workers compensation saw an increase in average premium renewal rate in May, according to IVANS, a division of Applied Systems.

Analyzing more than 120 million data transactions, the Ivans Index measures the premium renewal rate change year-over-year for a single consistent policy. Inclusive of more than 38,000 agencies and 650 insurers and managing general agencies, the Ivans Index reflects the premium rate change trends experienced by all agencies and insurers across the US insurance market.