May marked the first time in several months that the premium renewal rate for all major commercial product lines in the United States were up year-over year, notes a new index released Thursday by IVANS, a division of Applied Systems.
The IVANS Index – which analyzes 120 million-plus data transactions and includes more than 30,000 agencies and 380 insurer and MGAs – reflects premium rate change trends experienced by all of the agencies and insurers across the U.S. insurance market.
“Premium renewal rate change across the industry remained consistent, with significant year-over-year change being experienced in business owner’s policy, general liability and workers compensation,” Matt Foran, vice president of IVANS Markets, reports in a statement.
Released monthly, the May index shows that all major commercial product lines are in positive territory. More specifically, the index indicates as follows:
Commercial auto: 2.66% at the end of April, up from 2.65%;
Business owner’s policy: at 4.49%, BOP is up from 4.02% the month prior;
General liability: 1.46% at the end of April, it is down from 2.02%;
Commercial property: at 2.78%, down from 2.95% the month prior;
Umbrella: 0.81% at the end of April, umbrella is down from 1.04%; and
Workers’ compensation: at 0.58%, it is up from -0.19% the month prior.