Premiums Increased 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, general liability, umbrella, and workers compensation all experienced increases in premium renewal rate changes in July, while commercial property saw a decrease.

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 9.79 percent in July, up from a 9.66 percent increase in June.
• BOP. BOP saw an average premium renewal rate increase of 8.71 percent in July, up from 8.37 percent in June.
• General liability. General liability insurance saw the average premium renewal rate increase 4.24 percent in July, up from a 4.07 percent increase in June.
• Commercial property. The average premium renewal rate for commercial property increased 11.80 percent in July, down from 12.66 percent a month earlier.
• Umbrella. The premium renewal rate increase for umbrella coverage was 8.43 percent in July, up from an 8.25 percent increase in June.
• Workers compensation. The premium renewal rate for workers compensation decreased 1.32 percent in July, up from a 1.51 percent decrease the prior month.

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