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All lines but comp see premium renewal rate hikes in October: Ivans

Posted On: Nov. 17, 2022 4:54 PM CST


All lines of commercial insurance saw year-over-year increases in average premium renewal rates in October, except for workers compensation, Ivans Insurance Services reported Thursday.

Business owners policies and commercial property policies had the highest premium renewal rate increases year over year, according to the insurance exchange which is a division of Tampa, Florida-based Applied Systems Inc.

But month-on-month, the picture was mixed, with increases in commercial auto, business owners policies and workers compensation, as general liability, commercial property and umbrella saw declines in the average premium renewal rate change.

Commercial property saw an average premium renewal rate increase of 7.55% in October, down from 7.65% at the end of September, while business owners policies saw an increase of 7.15%, up from 6.63% the prior month.

Premium renewal rates for commercial auto increased 5.12%, up from 5.05% in September; general liability increased 5.24%, down from 5.4%; while umbrella at 4.44%, was down from 5.25%.

Workers compensation premium renewal rates decreased 1.01% on average, slightly less than the 1.02% decrease in September.