Majority of commercial lines of business experience increase compared to March 2022 and remain up year over year
IVANS today announced the April 2022 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, Workers’ Compensation remains the only line of business to decrease in average premium renewal rates. All other major commercial lines continue to experience rate increases compared to the same time last year. Month over month, premium renewal rates increased for lines of business including Commercial Auto, Business Owners’ Policy (BOP), General Liability and Workers’ Compensation. Commercial Property and Umbrella experienced decreasing average premium renewal rates.
Premium renewal rate change by line of business for April 2022 highlights include:
- Commercial Auto: 5.20%, up from 4.47% last month.
- BOP: 5.56%, up from 5.28% at the end of March.
- General Liability: 4.64%, up from 4.56% the month prior.
- Commercial Property: 6.05%, down from 6.29% in March.
- Umbrella: 5.17%, down from 7.04% the month prior.
- Workers’ Compensation: -0.91%, up from -1.48% last month.
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 34,000 agencies and 450 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.