The results come to light in July’s IVANS Index report, which provides data-driven insurance industry insights gleaned from agent and carrier transactions.
Each month, the report summarizes market conditions and trends for premium rate renewal changes by analyzing more than 120 million transactions placed by more than 30,000 agencies and 380 insurers or managing general agents (MGAs).
Here are the reported premium renewal rate changes by line of business for Q3:
- Commercial Auto: 3.28%, up from 2.41% at the end of June.
- Business Owner’s Policy (BOP): 3.65%, down from 4.11% the month prior.
- General Liability: 1.85%, down from 2.22% at the end of June.
- Commercial Property: 2.45%, down from 3.52% the month prior.
- Umbrella: 1.40%, up from 0.97% at the end of June.
- Workers’ Compensation: -1.41%, down from -0.86% the month prior.
"The latest IVANS Index figures show that premium renewal rate change across the industry remained consistent, with Commercial Auto and Umbrella premium renewal rate change experiencing the greatest positive increase while Workers Compensation continues to trend more negatively," said Matt Foran, vice president of IVANS Markets.