Most commercial prices increase in Q2: IvansPosted On: Jul. 9, 2020 12:56 PM CST
Commercial lines of business posted increased average premium renewal rates across nearly all major lines of business except for workers compensation in the second quarter, according to a report issued Thursday by insurance exchange Ivans Insurance Services.
Commercial property insurance had the biggest increase for the quarter, with average renewal rates increasing 5.29% and reaching a year-to-date high of 5.51% in April.
Business owners policies reported the second-highest increase, averaging 4.97% for the quarter, compared with the first-quarter average of 4.65%. The rate change was 4.64% in June.
Premium renewal rates for commercial auto averaged 4.72% for the quarter, with a quarter high in April of 4.8%, and a quarter low in June of 4.63%.
General liability renewal rates increased to an average of 3.29% for the quarter, compared with 3.08% in the first quarter. The lowest average rate change in the quarter, 3.23%, was in May, which was higher than any of the average renewal rate changes reported in the first quarter.
Umbrella premium renewal rates increased an average of 3.25% in the second quarter, compared with 3.06% in the first quarter, reaching its high in June at 3.56%, according to the report.
Workers compensation’s premium renewal rate average decreased 2.41% in the second quarter, down from a 1.81% first-quarter decrease.