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Most commercial renewal rates up in August: Ivans

Posted On: Sep. 7, 2023 10:37 AM CST

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Commercial auto, business owners policy, general liability, commercial property and umbrella coverages saw month-over-month increases in average premium renewal rates in August, while premium renewal rates decreased for workers compensation, according to a report Thursday from Ivans Insurance Services, a unit of Applied Systems Inc.

Commercial property renewal rates led the charge up, rising 10.56%, compared with 9.74% in July. Business owners policy had the second highest increase, up 7.84%, compared with 7.82% in July.

Commercial auto renewal rates rose 7.01%, up from 6.62% in July. Umbrella renewal rates increased 5.76%, up from 4.9%.

General liability renewal rates rose 5.61%, compared with 5.37% in July.

Workers compensation was the only line of coverage to see a premium renewal rate decrease, 1.07%, compared with a 0.52% decrease in July.                  

The Ivans monthly pricing index is based on more than 120 million data transactions across more than 34,000 agencies and 450 insurers and managing general agents, according to the report.