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Insurance pricing increased in most commercial lines in the first quarter of 2018, except workers compensation rates, which continued to fall, according to insurance exchange Ivans Insurance Solutions.
Premium commercial auto renewal rate changes averaged 4.2% for the first quarter, ending at 3.8% in March, the Tampa, Florida-based unit of insurance technology firm Applied Systems Inc. said Thursday in a statement.
Business owners premium renewal rate changes for the quarter averaged 4%, up from the last quarter’s average of 3.8% and ending in March at 4.2%.
General liability first-quarter premium renewal rate changes saw an uptick at 2% compared with the fourth quarter, which averaged 1.8% and ended in March at 2.2%.
Commercial property first-quarter premium renewal rate changes increased quarter-over-quarter, with an average rate change of 3.1%, compared with 2.9% in the fourth quarter of last year. Commercial property renewal rates reached 3% at the end of March.
Umbrella quarter premium renewal rate changes spiked in March, finishing the quarter at 2.1% and increasing the first quarter average to 1.4% from 1.3% in the fourth quarter.
Workers compensation premium renewal rate changes dipped again in the first quarter, averaging minus 2.5%, compared with minus 2.3% in the fourth quarter, and ending in March at minus 2.8%.
“Quarter-over-quarter, premium renewal rate change continues to show significant positive momentum across the majority of commercial lines,” Brian Wood, vice president of Ivans Markets, said in a statement.
The monthly Ivans Index is a data-driven report of current conditions and trends for premium rate renewal change of the most placed commercial lines of business in the insurance industry. The index analyzes more than 120 million data transactions and measures the premium difference year-over-year, the company said.
Commercial insurance premium renewal rates inched up in all lines except workers compensation in the first quarter of 2017, according to a quarterly premium tracking report launched by insurance exchange IVANS on Wednesday.