Third-quarter results showed variable premium renewal rate change compared to second-quarter, according to the new, monthly premium renewal rate report produced by IVANS, a division of Applied Systems.
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: averaged 3.00% for the quarter (up from Q2), ending at 2.55% for September.
- Business Owner’s Policy (BOP): averaged 3.79%, a decrease over last quarter's average of 4.21%. BOP renewal rate change finished the quarter at 3.87% in September.
- General Liability: The quarter premium renewal rate change low reached 1.68% in August and ended the quarter in September at 1.70%.
- Commercial Property: averaged rate change of 2.48% as compared to 3.08% in Q2.
- Umbrella: averaged 1.47% vs. 0.94% in Q2.
- Workers’ Compensation: averaged at -1.18% as compared to -0.16% in Q2.
“Premium renewal rate change across the industry remained consistent for the quarter, with greater variability experienced by Commercial Property and Workers’ Compensation insurance quarter-over-quarter,” said Matt Foran, vice president of IVANS Markets.