Insurance pricing up in all lines except comp: IvansPosted On: Apr. 9, 2019 3:15 PM CST
Insurance premium renewal rates in the first quarter of 2019 increased across most major commercial lines compared with the previous quarter, except for workers compensation, insurance exchange Ivans Insurance Solutions said Tuesday in a report.
Premium renewal rate changes for commercial auto averaged 4.53% in the first quarter, higher than the average rate change of 4.20% in the first quarter of 2018, but down from 4.66% in the fourth quarter of 2018, Ivans said in the report.
For business owners policies first-quarter premium renewal rate changes averaged 4.19%, a slight increase from 4.15% in the fourth quarter, and up from 4% in the prior year’s first quarter.
General liability insurance had the least amount of variability relative to all other lines of business, according to Ivans.
The first-quarter premium renewal rate change for general liability averaged 1.67%, down from 2.54% in the fourth quarter of 2018, and lower than the first quarter 2018 average rate change of 2.01%, Ivans said.
Commercial property saw a first quarter average rate change of 4.24%, up from 3.74% in the fourth quarter of 2018 and higher than the average first quarter rate change of 3.11% a year ago.
Umbrella was also higher with an average first quarter rate change of 2.54%, a slight increase from 2.42% in the fourth quarter and up from 1.49% in the first quarter of 2018, Ivans said.
But workers compensation again bucked the trend, staying in negative territory with a first-quarter average premium renewal rate change of minus 2.95%, slightly less than the minus 3.04% rate change in the fourth quarter but lower than the average rate change of minus 2.47% in the first quarter of 2018.