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Fourth-quarter renewal rates increased for general liability, commercial property, umbrella and workers compensation compared with the third quarter, according to a report Thursday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.
Commercial property renewal rates rose 5.62% in the fourth quarter, up from 5.30% in the third quarter. The commercial property renewal rate change for December was 5.68%.
General liability renewal rates rose 3.47% in November, up from 3.44% in the third quarter. The general liability renewal rate change for December was 3.59%.
Business owners policy renewal rates rose 4.57% in the fourth quarter, down from 4.76% in the third quarter. The business owners policy renewal rate change for December was 4.64%.
Workers compensation renewal rates declined by 2.13% in the fourth quarter, compared with a 2.41% decline in the third quarter. The workers compensation renewal rate change for December was -1.70%.
Commercial auto renewal rates rose 4.46% in the fourth quarter, compared with 4.46% in the third quarter. The commercial auto renewal rate change for December was 5.03%.
Umbrella renewal rates increased 3.46% compared with 3.09% in the third quarter. The umbrella renewal rate change for December was 3.79%.
“While we saw variable changes for all lines of business in 2020, average premium renewal rates for Q4 trended higher than those of Q3, with the exception of BOP which increased and commercial auto which remained virtually the same,” Kathy Hrach, vice president of product management at Ivans, said in a statement with the report.
Ivans tracks more than 120 million data transactions and includes more than 32,000 agencies and 400 insurers and managing general agents in its monthly analysis.
Most lines of commercial insurance saw year-over-year increases in average premium renewal rates during August except workers compensation, which saw a negative change in premium, according to insurance exchange Ivans Insurance Services, a division of Tampa-based Applied Systems Inc.