Workers' compensation insurance premium renewals rates have been in a slow downward cycle in recent quarters. (Photo: Shutterstock)

Workers' compensation is the sole line of commercial insurance products that saw a dip in premium renewal rates, according to the Q1 2018 IVANS Index released earlier this month by IVANS, a division of Applied Systems.

The IVANS Index is a data-driven monthly and quarterly report that forecasts current insurance business conditions and trends based on analysis of more than 120 million data transactions from more than 30,000 agencies and 380 insurers and MGAs.

“Quarter-over-quarter, premium renewal rate change continues to show significant positive momentum across the majority of commercial lines,” IVANS Markets Vice President Brian Wood said of the Q1 2018 findings.

Here is the breakdown of the premium renewal rate changes across commercial lines, as compiled by IVANS:

Commercial Auto: Premium renewal rate change averaged 4.20% for Q1, ending at 3.87% in March.
BOP: Quarter premium renewal rate change averaged 4.00%, representing an increase over last quarter's average of 3.85%. BOP renewal rate change finished March at 4.29%.
General Liability: Q1 premium renewal rate change experienced an uptick at 2.01% compared to Q4 which averaged 1.86%. General Liability renewal rate reached 2.24% at the end of March.
Commercial Property: Q1 premium renewal rate change increased quarter-over-quarter, with an average rate change of 3.11% as compared to 2.91% in Q4 of last year.
Umbrella: Quarter premium renewal rate change spiked in March, finishing the quarter at 2.13% and increasing the Q1 average to 1.49% from 1.34% in Q4.
Workers' Compensation: Premium renewal rate change dipped again in Q1, averaging at -2.47% as compared to -2.32% in Q4.

The complete Q1 2018 IVANS Index is available here.

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IVANS Q1 results: Insurance premium renewals up across commercial lines

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