Most major lines of commercial insurance saw increases in quarter-over-quarter average premium renewal change in the fourth quarter, Tampa, Fla.-based Ivans Insurance Services reported Friday.
An exception was workers’ compensation, which remained negative.
In commercial property lines, the change in premium renewal for the fourth quarter averaged 7.95%, compared to 6.95% in the third quarter. The average change in premium renewal rate peaked for the December quarter at 8.38%, with a quarterly low in October of 7.55%.
In general liability lines, changes in premium renewals for the fourth quarter averaged 5.49%, compared to the third quarter’s 5.01%. The average quarterly change in premium renewal reached a low of 5.24% in October and a high of 5.71% in December.
Commercial auto coverages saw premium renewal changes average 5.62% for the quarter, compared to the third quarter’s 4.89%. The highest quarter of 6.13% was in December and the lowest of 5.12% in October.
The change in business owner policy premium renewals increased an average of 7.01% in the fourth quarter, compared to 6.45% in the third quarter. The highest quarter was in December at 7.23% and the lowest in November at 6.66%.
The change in umbrella coverage for the fourth quarter’s premium renewal averaged 4.94%, compared to 5.21% in the third quarter. The change in umbrella premium renewal reached its lowest quarterly level in October at 4.44% and its highest level in December at 5.35%.
For workers compensation, the average change in premium renewal for the quarter was -1.48%, compared to -1.08% in the third quarter. The highest of -1.01% was in October and the lowest in November of -1.77%.
“2022’s tough market was reflected in this year’s Ivans Index, which shows continued increases in average premium renewal prices consistently across most major commercial lines,” Kathy Hrach, Ivans vice president of product management, said in a statement accompanying the report.
Ivans is a division of University Park, Illinois-based Applied Systems Inc.