Month over month, April experienced a downward shift in premium renewal rate change across the majority of commercial lines, except Commercial Auto and Umbrella which experienced slight upticks.
Premium renewal rate change by line of business for April 2018 highlights include:
* Commercial Auto: 4.54%, up from 3.87% at the end of April. April marks the highest premium renewal rate change in 2018 for Commercial Auto.
* BOP: 3.86%, down from 4.29% the month prior.
* General Liability: 2.16%, down from 2.24% at the end of April.
* Commercial Property: 2.98%, down from 3.04% the month prior.
* Umbrella: 2.31%, up from 2.13% at the end of April. April marks the highest premium renewal rate change in 2018 for Umbrella.
* Workers' Compensation: -2.93%, down from -2.79% the month prior.
"The beginning of Q2 continues to showcase increasing premium renewal rates year over year across most major commercial lines, with Commercial Auto positively seeing the greatest increase in premium renewals," said Brian Wood, vice president of IVANS Markets. "The IVANS Index further reiterates the hardening insurance market as insurance premiums rise and insurers are evaluating which lines of business to actively compete in."
Released on a monthly basis, IVANS Index is a data-driven report of current conditions and trends for premium rate renewal change of the most placed commercial lines of business in the insurance industry. Analyzing more than 120 million data transactions, the IVANS Index premium renewal rate change measures the premium difference year over year for a single consistent policy. Inclusive of more than 30,000 agencies and 380 insurers and MGAs, the IVANS Index is reflective of the premium rate change trends being experienced by all agencies and insurers across the U.S. insurance market. IVANS Index is available to agencies and insurers as part of Market Insights at markets.ivansinsurance.com.