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All major commercial insurance lines saw renewal rate increases in May, according to a report released by insurance exchange IVANS on Thursday.
While some other lines have seen small increases for several months, last month was first time this year that workers compensation rates have increased, according to the May IVANS Index.
The Tampa, Florida-based unit of insurance technology firm Applied Systems Inc. said commercial auto premium renewal rates increased by an average of 2.7%, business owner’s policy rates increased 4.5%, general liability rates increased 1.5%, commercial property rates increased 2.8%, umbrella liability rates increased 0.8% workers comp rates increased 0.6%.
The monthly IVANS Index is a data-driven report of current conditions and trends for premium rate renewal change of the most placed commercial lines of business in the insurance industry. The index analyzes more than 120 million data transactions and measures the premium difference year-over-year, the company said.