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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.
The Tampa, Florida-based unit of insurance technology firm Applied Systems Inc. reported commercial auto premium renewal rates and property rates both increased by an average of 2.7% in the first quarter of 2017, general liability rates increased 2%, umbrella liability increased 1%, and business owners policy rates increased 3.9%. Workers comp was the only sector tracked where rates dropped, with rates slipping 0.5% in the first quarter.
The IVANS Index uses 120 million annual insurance transactions processed by agencies, managing general agents and insurers over the IVANS exchange and other proprietary data to calculate the average rate changes, said Matt Foran, vice president of IVANS Markets.
In addition to quarterly averages by line, the index provides monthly breakdowns and highlights certain state trends each quarter — for example, commercial auto rates in Florida, where renewal rates for the quarter spiked at 4.9% in February, and property rates in California, which increased 2.5% in January but only 1% in March. Premium change data will be available on a monthly basis to IVANS users and clients, he said.
“Premium renewal rate changes are data-driven” and will provide brokers and their clients comparative information for renewals, Mr. Foran said.
Over time, IVANS plans to expand the lines covered in the report to include other commercial coverages such as directors and officers liability, he said.
U.S. commercial insurance pricing was consistently down in 2016, with December closing out the year at a composite rate reduction of 1%, electronic insurance exchange MarketScout said Thursday.