Most premium renewal rate changes increase in January: IvansReprints
Premium renewal rate changes for most standard commercial lines remained in positive territory in January, according to a report released Wednesday by insurance exchange Ivans Insurance Solutions.
Workers compensation was the only line tracked that saw declines, with rates falling 1%, an improvement on the prior month when rates fell 2.9%.
Compared with December, January saw a slight downward shift in premium renewal rate change across the majority of commercial lines, except commercial auto and workers compensation, which reported slight upticks.
Commercial auto premium renewal rates increased 4.3% on average, the Tampa, Florida-based unit of insurance technology firm Applied Systems Inc. said in a statement. General liability premium rates increased 2%, umbrella rates increased 1.3%, commercial property rates rose 3% and business owner’s policy premium renewal rates increased 3.9%.
The monthly Ivans Index analyzes more than 120 million data transactions and measures the premium difference year-over-year, according to the statement.