Most premium renewal average rates rise in Q4: Ivans
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Premium renewal average rates rose across commercial auto, business owner’s policy, general liability, umbrella and commercial property during fourth quarter 2019 compared with third quarter, according to the fourth quarter premium renewal rate index from Ivans Insurance Solutions on Wednesday.
Workers compensation, however, saw a decline in its average premium renewal rate changes during the fourth quarter and was consistently negative through 2019, Ivans said.
The premium renewal rate changes for commercial auto insurance averaged 4.52% in the fourth quarter, with the quarter high of 5.12% in December and the low of 4.12% in November, Ivans data showed.
The premium renewal rate change for business owner’s policy averaged 4.57% during the fourth quarter, with the quarter high of 4.75% in December and the low of 4.42% in November, the data showed.
The premium renewal rate change for general liability insurance averaged 2.60% in the fourth quarter, with the high of 2.78% in December and the low of 2.49% in October.
The premium renewal rate change for commercial property averaged 4.46% during the fourth quarter, with the quarter high of 4.65% in December and the low of 4.35% in October, the data showed.
The premium renewal rate change for umbrella coverage averaged 2.61% in the fourth quarter with a quarterly high at 2.71% in December and the low at 2.46% in October, the data showed.
The premium renewal rate change for worker’s compensation averaged -2.84% during the fourth quarter, with the low of -3.05% in December and the high of -2.53 in November, the data showed.
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