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Many lines of commercial insurance, including business owners policy and general liability, experienced month-over-month decreases in average premium renewal rates in January, Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc., said in a report Thursday.
However, year over year, nearly all lines of business, except workers compensation, saw an increase in average premium renewal rate, according to Ivans.
Premium renewal rates decreased in January for commercial auto, business owners policy, general liability and workers compensation, but commercial property and umbrella saw higher rates than in December, Ivans said.
Commercial property renewal rates increased 6.17% in January, up from 6.14% the prior month. Umbrella rates rose 5.58%, up from 5.40% in December, according to Ivans.
Commercial auto rates rose 4.13% in January, down from 4.55% in December, while business owners policy rates rose 5.28%, compared with 5.77% the prior month.
General liability premium renewal rates were up 4.23% in January, down from 4.78% in December. Workers compensation rates declined by 1.26%, compared with a decline of 1.16% the prior month.
Most lines of business ended 2021 with their highest average premium renewal rates, Ivans said in an earlier report.
The U.K. House of Lords’ Industry and Regulators Committee has initiated an inquiry into the country’s commercial insurance and reinsurance regulations to assess how they affect competitiveness of the London market, Artemis reported. The committee has called industry participants, organizations and other interested parties to share their take on the regulation’s framework and application, and any possible optimization of the policy in the post-Brexit market.