Renewal premiums for most standard commercial lines products continued rising in May, according to the latest IVANS Index. Commercial auto and umbrella were two exceptions, as they grew at a lower rate than in April.
According to IVANS, premium renewal rate change by line of business for May 2018 includes:
- Commercial Auto: 4.04 percent, down from 4.54 percent at the end of April.
- BOP: 4.02 percent, up from 3.86 percent the month prior.
- General Liability: 2.37 percent, up from 2.16 percent at the end of last month.
- Commercial Property: 3.20 percent, up from 2.98 percent at the end of April.
- Umbrella: 1.54 percent, down from 2.31 percent the month prior.
- Workers Compensation: -2.71 percent, up from -2.93 percent at the end of April.
“This month’s IVANS Index demonstrates that the commercial lines market remains hard and further provides guidance on the most profitable lines of business for both insurers and agents,” said Brian Wood, vice president of IVANS Markets.
The IVANS Index measures the premium difference year over year for a single consistent policy. It analyzes transactions from more than 30,000 agencies and 380 insurers and managing general agencies across the country.
•A version of this story ran previously in our sister publication Insurance Journal.