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All major commercial lines of business saw positive first-quarter 2022 premium renewal rate changes, except workers compensation, according to a report Thursday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.
Commercial property and umbrella coverages saw an increase in average premium renewal rate changes compared with fourth-quarter 2021 while commercial auto, business owners policy, general liability and comp saw drops in average premium renewal rate changes compared with fourth-quarter 2021.
Commercial auto first-quarter average premium renewal rate change averaged 4.22%, a decrease compared with fourth-quarter 2021’s average premium renewal rate change of 4.69%. The quarter reached its lowest rate in February, averaging 4.06% and ended with its highest of 4.47% in March.
Business owners policy premium renewal rate change averaged 5.32% in the first quarter compared with 5.58% in fourth-quarter 2021. January and March saw a premium renewal rate change of 5.28% and February hit 5.41%.
General liability’s first-quarter premium renewal rate change averaged 4.3%, down from 4.41% in fourth-quarter 2021. The renewal rate change saw its low in February at 4.11% and hit its high in March at 4.56%.
Commercial property saw an average first-quarter premium renewal rate change of 6.16%, up from 5.95% in fourth-quarter 2021. The premium renewal rate change reached its low of 6.01% in February and its high in March at 6.29%.
The first-quarter premium renewal rate change averaged 5.77% for umbrella coverage, up from 5.13% in fourth-quarter 2021. The umbrella premium renewal rate change hit its low of 4.68% in February and reached its quarter high of 7.04% in March.
The comp premium renewal rate change was down an average of 1.23%, down from fourth-quarter 2021 at -1.16%. The quarter premium renewal rate change reached its high of -0.95% in February and ended the quarter at its low of -1.48%.
“We are seeing that our data is consistent with macroeconomic trends, like inflation, as average premium renewal rates continue to rise,” said Kathy Hrach, vice president of product management for Ivans.
Commercial insurance renewal rates increased in January for general liability, umbrella and workers compensation while commercial property, commercial auto and business owners policy renewal rates declined compared with December 2020, according to a report Wednesday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.