Here are the major takeaways from the Ivans Q2 2023 report:

Commercial auto: Q2 2023 average premium renewal rate averaged 6.50%, an increase compared to Q1 2023's average premium renewal rate of 5.85%. The quarter began with the lowest rate change in April, averaging 6.16%, and reached its highest rate in May, averaging 6.80%.
Business owner's policies: BOP premium renewal rate increased in Q2 2023 with an average of 7.56% versus 7.12% in Q1 2023. The quarter reached its lowest premium renewal rate change in May, averaging 7.44% and ended with its highest rate of 7.64% in June.
General liability: Second quarter 2023 premium renewal rate experienced a slight decrease compared to Q1 2023, averaging 5.21% versus 5.23%. Q2 2023 premium renewal rate experienced its low in May at 4.56% and reached its high in June at 5.58%.
Commercial property: Average premium renewal rate change for Commercial Property experienced an increase during Q2 2023 at 9.77% versus 8.89% in Q1 2023. The quarter began with the highest rate change in April, averaging 10.09%, and reached its lowest rate in June, averaging 9.34%.
Umbrella: Average premium renewal rate change for Umbrella experienced an increase during Q2 2023 at 5.12% versus 5.08% in Q1 2023. Premium renewal rate change in Q2 2023 reached its low of 4.36% in May and experienced its high in June at 5.92%.
Workers' comp: Workers' Compensation premium renewal rate change averaged -1.10%, up from Q1 2023 at -1.36%. Premium renewal rate change in Q2 2023 reached its low of -1.37% in May and ended the quarter at its high of -0.71%.

The complete report is available to download.

Special Reports /

Ivans: Most premium renewal rates continue to increase

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