BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
Commercial insurance renewal rates increased in April for commercial property, general liability, umbrella, commercial auto and business owners policy while workers compensation renewal rates declined compared with March 2021, according to a report Thursday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.
Month over month, premium renewal rates for lines of business including commercial auto, business owners policy, general liability and umbrella experienced increases, while commercial property saw a downturn. Workers compensation remained unchanged from last month’s average premium renewal rate.
Commercial property renewal rates rose 5.52% in April, down from 5.69% in March.
Commercial auto renewal rates rose 4.65% in April, up from 3.91% In March.
General liability renewal rates rose 4.00% in April, up from 3.61% in March.
Business owners policy renewal rates rose 4.64% in April, up from 4.54% in March.
Umbrella renewal rates increased 4.29% in April, up from 4.18% in March.
Workers compensation renewal rates declined by 1.64% in April, unchanged from 1.64% in March.
“This month’s Ivans Index results continue to demonstrate a hardening market with nearly all major commercial lines of business increasing quarter over quarter after having dipped at the end of March,” Kathy Hrach, vice president of product management, Ivans Insurance Services, said in a statement.
“Year over year, BOP and commercial property continue to experience the greatest increase across all major commercial lines of business. We expect this trend to evolve as macroeconomic developments play out as a result of the pandemic,” she added.
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.
U.S. commercial insurance prices increased 18% in the third quarter, driven mainly by higher rates for property exposures and financial and professional lines, according to a report released by Marsh LLC Thursday.