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Premium renewal rates continued to climb for most lines in October, according to insurance exchange Ivans Insurance Solutions, which on Tuesday issued its October results of the Ivans Index, the insurance industry’s premium renewal rate index.
October results showed a continued increase in premium renewal rates across nearly all major commercial lines, except workers compensation, which dropped slightly, Ivans said in a statement.
Commercial auto led the climb with premium renewal rates rising 4.81%, up from 4.50% at the end of September. Business owner’s policy renewal rates rose 4.08%, up from 3.57% last month.
Commercial property renewal rates increased 3.51%, up from 3.46% in September, while general liability rates rose 2.74%, up from 2.29% in September.
Umbrella coverage renewal rates rose 2.20% in October, down from 2.30% in September. Workers compensation was the only line to lose traction, with renewal rates down 3.20%, down from -2.69% last month.
“Year over year, premium renewal rates continue to trend positive across nearly all lines, with Workers’ Comp being the only commercial line that has remained negative for the year,” Brian Wood, vice president of Data Products Group, said in the statement. “October’s IVANS Index demonstrates that commercial auto and commercial property continue to be among the most profitable lines of business.”
Ivans Index is a monthly, data-driven report of current conditions and trends for premium rate renewal changes of the most placed commercial lines of business in the insurance industry, analyzing more than 120 million data transactions, the statement said.
Employers buying workers compensation coverage in early 2018 are typically seeing slight rate decreases or flat renewals as the competitive market place of the past several years continues, according to brokers.