Majority of commercial lines of business remain up year-over-year, while most average premium renewal rates decrease compared to January 2022
Ivans has announced the February 2022 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, premium renewal rates increased for lines of business including Business Owners’ Policy (BOP) and Workers’ Compensation. Commercial Auto, General Liability, Commercial Property and Umbrella experienced decreasing average premium renewal rates.
“After seeing a rare dip in premium renewal rates last month for most of the major commercial lines, month-over-month trends have rebounded for most lines with the exception of Commercial Auto and General Liability which continue to decrease,” said Kathy Hrach, vice president of Product Management, IVANS Insurance Services. “Year-over-year, Workers’ Compensation continues to be the only major commercial line of business below zero, continuing a trend that has been happening for years.”
Premium renewal rate change by line of business for February 2022 highlights include:
|Line of Business||February 2022||January 2022|
- Commercial Auto: 4.06%, down from 4.13% last month.
- BOP: 5.41%, up from 5.28% at the end of January.
- General Liability: 4.11%, down from 4.23% the month prior.
- Commercial Property: 6.01%, down from 6.17% in January.
- Umbrella: 4.68%, down from 5.58% the month prior.
- Workers’ Compensation: -0.95%, up from -1.26% last month.
More about IVANS
Released monthly, IVANS Index is a data-driven report of current conditions and trends for premium rate renewal change of the most placed commercial lines of business in the insurance industry. Analyzing more than 120 million data transactions, the IVANS Index premium renewal rate change measures the premium difference year over year for a single consistent policy. Inclusive of more than 33,000 agencies and 430 insurers and MGAs, the IVANS Index is reflective of the premium rate change trends being experienced by all agencies and insurers across the U.S. insurance market. IVANS Index is available to agencies and insurers as part of Market Insights at markets.ivansinsurance.com.