Third-quarter results showed variable premium renewal ratechange compared to second-quarter, according to the new, monthlypremium renewal rate report produced by IVANS, adivision of AppliedSystems.


Each month, the report summarizes market conditions and trendsfor premium rate renewal changes by analyzing more than 120 milliontransactions placed by more than 30,000 agencies and 380 insurersor managing general agents (MGAs).


Related: IVANSIndex: Positive results continue throughoutQ2


Here are the reported premium renewal rate changesby line of business for Q3:

  • Commercial Auto: averaged 3.00% for thequarter (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 ratechange finished the quarter at 3.87% inSeptember.  
  • General Liability: The quarterpremium renewal rate change low reached 1.68% in August and endedthe quarter in September at 1.70%.
  • Commercial Property: averaged rate change of2.48% as compared to 3.08% in Q2.
  • Umbrella: averaged 1.47% vs. 0.94% inQ2. 
  • Workers' Compensation: averaged at -1.18% ascompared to -0.16% in Q2.

"Premium renewal rate change across the industry remainedconsistent for the quarter, with greater variability experienced byCommercial Property and Workers' Compensation insurancequarter-over-quarter," said Matt Foran, vice president of IVANSMarkets.




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Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].