Here's a closer look at Q4 2020 premium renewal rate changes by line of business, according to the IVANS Index™:

Commercial auto: Premium renewal rate change averaged 4.46% for the quarter and ended the year at 5.03% in December, which was also the quarter high. The quarter low was in November at 3.93%.
Business owners' policies: Fourth quarter premium renewal rate change averaged 4.57%, representing a decrease over last quarter's average of 4.76%. BOP premium renewal rate change finished the quarter at 4.64% in December.
General liability: Q4 premium renewal rate change increased from Q3, averaging 3.47% relative to 3.44%. The quarter premium renewal rate change reached its low of 3.38% at the start of the quarter in October and ended the year in December with the quarter high of 3.59%.
Commercial property: Q4 premium renewal rate change rose again quarter over quarter, with an average rate change of 5.62% compared to 5.30% in Q3. Commercial property premium renewal rate change reached its high for 2020 in December at 5.68%.
Umbrella: Q4 premium renewal rate change averaged 3.46% versus 3.09% in Q3. Umbrella premium renewal rate change reached its quarter low in November at 2.82% and its high in December at 3.79%.
Workers' compensation: Average premium renewal rate change for the quarter reached -2.13%, up from the Q3 average of -2.41%. Workers' compensation ended the year in December at its quarter high at -1.70%.

IVANS® is a division of Applied Systems®. The IVANS Index is a data-driven report of current conditions and trends for premium rate renewal change of the most placed commercial lines of business in the insurance industry. Click here to download the complete Q4 and year-end 2020 IVANS Index report.

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Fourth-quarter 2020 insurance premium renewals mostly up

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