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Most commercial rates rise in Q3: Ivans

Posted On: Oct. 13, 2020 11:55 AM CST

rates

Average premium renewal rates increased across most commercial lines of business in the third quarter, according to insurance exchange Ivans Insurance Services, a division of Tampa-based Applied Systems Inc.

 

Rates rose in commercial auto, business owner’s policy, general liability, umbrella and commercial property compared with the third quarter of 2019. Workers compensation average premium renewal rates declined, however.

 

The third-quarter premium renewal rate change for commercial property insurance averaged 5.30%. The quarter high was 5.48% in August and the low of 5.01% was in September.

 

In commercial auto, the premium renewal rate change averaged 4.46% for the quarter, with a quarter high in July at 5.10% and the quarter low in August at 3.20%.

 

For business owner’s policy, the quarterly premium renewal rate change averaged 4.76%. The quarter high was 5.00% in August and the low of 4.38% in July.

 

The third-quarter premium renewal rate change for general liability insurance averaged 3.44%. The quarter high was 3.61% in August and the low of 3.25% was in September.

 

For umbrella insurance, the third-quarter premium renewal rate change averaged 3.09%. The quarter high was 3.27% in August and the low of 2.78% in September.

 

The average premium renewal rate change for workers compensation insurance was down 2.41%, with the quarter high down 2.07% in September and the low down 2.66% in July.

 

 

Ivans Index analyzes more than 120 million data transactions, from more than 32,000 agencies and 400 insurers and managing general agents.