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Commercial auto, business owners policy, general liability and workers compensation saw month-over-month premium renewal rate increases, while commercial property and umbrella average renewal rates decreased, Tampa, Florida-based Ivans Insurance Services reported Thursday.
Commercial auto renewal rates rose 5.20% in April 2022, up from a 4.47% increase in March 2022.
Business owners policy renewal rates rose 5.56% in April, up from an increase of 5.28% in March.
General liability renewal rates rose 4.64% in April, up from an increase of 4.56% in March.
Workers comp renewal rates declined 0.91% in April, an increase from declining 1.48% in March.
Commercial property renewal rates rose 6.05% in April, down from 6.29% in March.
Umbrella renewal rates rose 5.17% in April, down from 5.58% in March.
Ivans, a division of University Park, Illinois-based Applied Systems Inc., tracks more than 120 million data transactions and includes more than 34,000 agencies and 450 insurers and managing general agents in its monthly analysis.