Average premium renewal rates experience variable change month to month across most major commercial lines
Ivans® has announced the January 2023 results of its Ivans Index™, the insurance industry’s premium renewal rate index. Year over year, all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Business Owners Policy (BOP) and Commercial Property remain the highest premium renewal rate increases year over year. Month over month, Commercial Property and Umbrella saw increases in premium renewal rate change, while Commercial Auto, BOP, General Liability and Workers’ Compensation experienced decreases.
Premium renewal rate change by line of business for January 2022 highlights include:
- Commercial Auto: 5.84%, down from 6.13% last month.
- BOP: 6.87%, down from 7.23%, at the end of December.
- General Liability: 5.34%, down from 5.71% the month prior.
- Commercial Property: 8.67%, up from 8.38% in December.
- Umbrella: 5.59%, up from 5.35% the month prior.
- Workers’ Compensation: -1.85%, down from -1.66% 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. Ivans Index is available to agencies and insurers as part of Market Insights at markets.ivansinsurance.com.