IVANS: Nearly all major commercial lines see Q1 2020 renewal rate increase

“The IVANS Index provides a data-driven pulse on the market, indicating hardening and softening trends across major commercial lines of business,” Brian Wood, vice president of Data Products Group, IVANS Insurance Services, said in a statement. “Q1 2020 experienced an increase in premium renewal rate change across all major commercial lines, and we expect to see marked change in the coming months as the industry responds to the COVID-19 pandemic.” (Credit: katjen/Shutterstock)

The first-quarter results for 2020 show an increase premium renewal rate change across nearly all major commercial lines of business, including commercial auto, business owners policies (BOP), general liability, umbrella and commercial property insurance compared to the fourth quarter of 2019, according to data from IVANS, a division of Applied Systems.

However, the workers’ compensation average premium renewal rate change remained in negative territory, albeit up from year-end 2019 results. Notably, all lines of business, including workers’ compensation, experienced higher average premium renewal rate change from the quarter prior. Commercial property experienced a significant quarterly high at 5.14%.