Most premium renewal rates rise in Q1: Ivans

First-quarter premium renewal rate changes increased year over year for general liability, commercial property, umbrella and business owners policy while workers compensation remained negative, according to a report Wednesday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.

Month over month, first-quarter premium renewal rate changes increased for general liability, commercial property, umbrella and workers compensation compared with fourth-quarter 2020, while commercial auto and business owners policy decreased.

In commercial auto, the first-quarter average premium renewal rate change averaged 4.25%, down from the average premium renewal rate of 4.46% in fourth-quarter 2020. The average premium renewal rate change was lower than 4.81% in first-quarter 2020.

For business owners policy coverage, the first-quarter average premium renewal rate change was 4.53%, lower than the 4.57% in fourth-quarter 2020. The average premium renewal rate change was also lower than the 4.65% in first-quarter 2020.

For general liability coverage, the first-quarter average premium renewal rate change was 3.74%, higher than the 3.47% in fourth-quarter 2020. The average premium renewal rate change was higher than 3.08% in first-quarter 2020.

In commercial property, the first-quarter average premium renewal rate change was 5.82%, higher than the 5.62% in fourth-quarter 2020. The average premium renewal rate change was higher than 5.14% in first-quarter 2020.

For umbrella coverage, the first-quarter average premium renewal rate change was 4.24%, higher than the 3.46% fourth-quarter 2020 rate change. The average premium renewal rate change was higher than 3.06% in first-quarter 2020.

For umbrella coverage, the first-quarter average premium renewal rate change was 4.24%, higher than the 3.46% in fourth-quarter 2020. The average premium renewal rate change was higher than 3.06% in first-quarter 2020.

In workers compensation, the first-quarter average premium renewal rate change was -1.37%, higher than the -2.13% in fourth-quarter 2020. The average premium renewal rate change was higher than the -1.81% in first-quarter 2020.

Ivans tracks more than 120 million data transactions in its pricing analysis.