Almost All Commercial Lines Pricing Increased Through Second Quarter – IVANS

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Almost All Commercial Lines Pricing Increased Through Second Quarter – IVANS

According to the most recent release of the IVANS Index, the average premium renewal rate changes for nearly all significant commercial lines of business continue to rise year over year, with the exception of the umbrella.

Commercial Lines Pricing Increased Through Q2 – IVANS

According to the Q2 data, all significant commercial lines of business experienced a rise in premium renewal rates year over year, with the exception of workers’ compensation, which remained negative.

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In contrast to Q1 2022, Q2 2022 had an increase in the average premium renewal rate change for Commercial Auto, Business Owner’s Policy (BOP), General Liability, Commercial Property, and Workers’ Compensation.

Regarding commercial auto, the average premium renewal rate change for Q2 was 5.05 percent, up from the average premium renewal rate change of 4.22 percent for Q1 2022.

General liability rates rose by an average of 4.76 percent compared to 4.3 percent, while BOP climbed with an average of 5.69 percent compared to 5.32 percent in Q1 2022. Commercial property increased with an average of 6.4 percent compared to 6.16 percent in Q1 2022.

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Almost All Commercial Lines Pricing Increased Through Second Quarter – IVANS

For umbrella, Q2 premium renewal rate change averaged 5.19%, dropping from 5.77% in Q1 2022.

And finally, workers’ compensation rate change averaged -0.73%, up from Q1 2022 at -1.23%.

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“This quarter’s Ivans Index continues to show average premium renewal rate changes tracking alongside other hard market macroeconomic trends,” said Kathy Hrach, vice president of Product Management, Ivans.

“The Index continues to serve as a valuable asset for agencies and carriers to inform pricing and renewal decisions, and a guidepost on the health of the independent agent channel to the broader industry.”

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Ivans Index is a data-driven report of current conditions and trends for premium renewal rate change of the most placed commercial lines of business in the insurance industry.

Analyzing more than 120 million data transactions, the index measures the premium difference year over year for a single consistent policy.

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