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Most major lines of commercial insurance saw quarter-over-quarter increases in average premium renewal rate change for the fourth quarter, Tampa, Florida-based Ivans Insurance Services reported Friday.
An exception was workers compensation, which remained negative.
In commercial property lines, the fourth-quarter premium renewal rate change averaged 7.95%, compared with 6.95% in the third quarter. The average premium renewal rate change reached its high for the quarter in December at 8.38%, with the quarter low in October at 7.55%.
In general liability lines, fourth-quarter premium renewal rate changes averaged 5.49%, compared with the third quarter’s 5.01%. The quarterly average premium renewal rate change hit its low of 5.24% in October and its high of 5.71% in December.
Commercial auto coverages saw premium renewal rate changes average 5.62% for the quarter, compared with the third quarter’s 4.89%. The quarterly high of 6.13% was in December and the low of 5.12% in October.
The business owners policy premium renewal rate change increased an average of 7.01% in the fourth quarter, compared with 6.45% in the third quarter. The quarterly high was in December at 7.23% and the low in November at 6.66%.
Umbrella coverage fourth-quarter premium renewal rate change averaged 4.94%, compared with 5.21% in the third quarter. The umbrella premium renewal rate change reached its quarterly low in October at 4.44% and its high in December at 5.35%.
In workers compensation, the average premium renewal rate change for the quarter was -1.48%, compared with -1.08% in the third quarter. The high of -1.01% was in October and the low in November at -1.77%.
“2022’s hard market was reflected in this year’s Ivans Index, showing continued elevation in average premium renewal rates consistently across most major commercial lines,” Kathy Hrach, Ivans vice president of product management, said in a statement with the report.
Ivans is a division of University Park, Illinois-based Applied Systems Inc.