Nearly all major commercial lines of business experienced quarterly increases in average premium renewal rate
The second quarter results of 2021 showed premium renewal rate change for all major commercial lines of business increased year over year, except Workers’ Compensation which remained negative. Compared to Q1, Q2 experienced an increase in average premium renewal rate change across Commercial Auto, BOP, General Liability and Umbrella compared to Q1. Commercial Property and Workers’ Compensation experienced decreases in average premium renewal rates.
Key changes from the Q1 2021 results include:
|Commercial Auto||4.25%||4.51% ↑|
|General Liability||3.74%||3.95% ↑|
|Commercial Property||5.81%||5.54% ↓|
|Workers' Compensation||-1.37%||-1.74% ↓|
For further insights into premium renewal rate change across the industry, download the latest IVANS Index report now.
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. Data collected in the IVANS Index enables insurers to determine competitive rates and the most profitable lines of business for investment.
To learn more about IVANS Index, read IVANS Index: Industry Insights to Help You Run Your Business Better.