Premium Increases Continued Across Most Commercial Lines in July

Nearly all commercial insurance lines experienced year-over-year increases in premium renewal rates in July, according to the Ivans Index, a regular premium renewal rate index compiled by the Ivans insurance exchange service.

Commercial auto, business owners policy (BOP), general liability, commercial property, and umbrella all experienced year-over-year increases in average premium renewal rates during the month, while premium renewal rates decreased for workers compensation.

On a month-over-month basis, commercial auto, BOP, commercial property, and workers compensation all experienced increases in premium renewal rate changes in July, while general liability and umbrella saw decreases.

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

• Commercial auto. The premium renewal rate for commercial auto insurance increased 6.62 percent in July, up from a 6.53 percent increase in June.
• BOP. BOP saw an average premium renewal rate increase of 7.82 percent in July, up from 7.64 percent in June.
• General liability. General liability insurance saw the average premium renewal rate increase decrease slightly to 5.37 percent in July from a 5.58 percent increase in June.
• Commercial property. The average premium renewal rate for commercial property increased 9.74 percent in July, up from 9.34 percent a month earlier.
• Umbrella. The premium renewal rate increase for umbrella coverage was 4.9 percent in July, down from a 5.92 percent increase in June.
• Workers compensation. The premium renewal rate for workers compensation decreased 0.52 percent in July, up from a 0.71 percent decrease the prior month.

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