Here are some additional highlights from the reporting:

Commercial auto: Q2 average premium renewal rate averaged 4.51%, an increase compared to Q1′s average premium renewal rate of 4.25%. The quarter began with its high of 4.65% and ended with its low of 4.28%.
BOP: The BOP premium renewal rate increased in Q2 with an average of 4.59% versus 4.53% in Q1. The quarter reached its lowest rate in May, averaging 4.48% and ended with its high at 4.66%.
General liability: The second quarter premium renewal rate rose compared to Q1, averaging 3.95% versus 3.74%. Q2 premium renewal rate experienced its low in May at 3.79% and reached its high in June at 4.07%.
Commercial property: Average premium renewal rate change for commercial property decreased quarter-over-quarter at 5.54% versus 5.82% in Q1. The quarter premium renewal rate change reached its low of 5.43% in May and experienced its high at the end of the quarter at 5.68%.
Umbrella: Q2 premium renewal rate change averaged 4.40%, rising from 4.24% in Q1. Umbrella premium renewal rate change began the quarter with a low of 4.29% and ended with a quarter high of 4.60%.
Workers' compensation: Workers' compensation premium renewal rate change averaged -1.74%, down from Q1 at -1.38%. The quarter premium renewal rate change reached its high of -1.52% in May and ended the quarter at its low of -2.06%.

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. Analyzing more than 120 million data transactions, the IVANS Index premium renewal rate change measures the premium difference year over year for a single consistent policy. Inclusive of more than 32,000 agencies and 400 insurers and MGAs, the IVANS Index is reflective of the premium rate change trends being experienced by all agencies and insurers across the U.S. insurance market. IVANS Index is available to agencies and insurers as part of Market Insights at markets.ivansinsurance.com.

Special Reports /

Q2 IVANS Index shows ongoing insurance market hardening

Related Stories

Recommended For You