Premium renewal rates continue to fluctuate
IVANS, a division of Applied Systems, has announced the January results of the IVANS Index, which tracks renewals in the insurance industry.
Year-over-year, all lines of business posed an increase in average premium renewal rate except for workers’ compensation, which saw a drop in premium. Month-over-month, premium renewal rates for lines of business, including general liability, umbrella, and workers’ compensation posted rises, while commercial auto, BOP and commercial property experienced drops in premium renewal rates.
Premium renewal rate changes by line of business for January included:
- Commercial auto: 4.45%, down from 5.03% in December
- BOP: 4.46%, down from 4.64% in December
- General liability: 3.69%, up from 3.59% in December
- Commercial property: 5.63%, down from 5.68% in December
- Umbrella: 4.29%, up from 3.79% in December
- Workers’ compensation: -1.02%, up from -1.7% in December
Read more: Agents and insurers report high demand for connectivity
“Year-over-year, premium renewal rates continued to climb in January across nearly all major commercial lines of business except workers’ compensation,” said Kathy Hrach, vice president of product management for IVANS Insurance Services. “We are seeing the rate of change for general liability steadily increase month-over-month, while commercial auto has fluctuated each month, ending this month with a downtick in premium renewal rate change as compared to the end of year 2020.”
The IVANS Index analyzes more than 120 million data transactions across more than 33,000 agencies, and 430 insurers and MGAs.