Four lines of insurance ended 2017 with slightly higher premium renewal rates, according to Q4 data released recently by IVANS, a division of Applied Systems.

Commercial Auto, Business Owner's Policy, General Liability, and Commercial Property all experienced a slight uptick in renewal rates, while the rate change for Umbrella and Workers' Compensation dropped.

Workers' Compensation premium renewals only saw a positive rate change during May 2017, and were down the rest of the year.

"Notably, across all lines of business, December was consistently one of the greatest premium renewal rate change months for the year," researchers said in a press release about the 2017 Q4 results.

"2017 was one of the highest loss periods in commercial insurance, with catastrophic natural disasters driving significant claims and premium rate changes for most carriers in the U.S.," said Matt Foran, vice president of IVANS Markets.

Here are additional highlights from the final IVANS Index of 2017:

Commercial Auto: Premium renewal rate change averaged 3.11% for the quarter, with a quarter high in November at 3.24% and ending the quarter at its low of 3.00% in December. The year high and low premium renewal rate change occurred in back to back months, with June at 2.41% and July at 3.28%. 

BOP: Quarter premium renewal rate change averaged 3.85%, representing an increase over last quarter's average of 4.79%. BOP premium renewal rate change finished the quarter at 3.79% in December. The year high and low premium renewal rate change occurred in May and October at 4.49% and 3.57% respectively.

General Liability: Q4 premium renewal rate change increased from Q3, averaging 1.86% change relative to 1.74%. The quarter premium renewal rate change low reached 1.66% in November and ended the quarter in December at 2.13%.

Commercial Property: Q4 premium renewal rate change rose again quarter over quarter, with an average rate change of 2.91% as compared to 2.48% in Q3. The year low and high premium renewal rate change occurred in back-to-back months, with May at 1.46% and June at 2.22%.

Umbrella: Q4 premium renewal rate change averaged 1.34% vs. 0.47% in Q3. The year high and low premium renewal rate change occurred in June and September at 3.52% and 2.40% respectively.

Workers' Compensation: Average premium renewal rate change reached a year low at -2.32%, down from Q3 average of -1.18%. The year low and high premium renewal rate change occurred in May and August at 0.81% and 1.56% respectively.

Index is available to agencies and insurers as part of Market Insights at markets.ivansinsurance.com.

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