Most commercial insurance lines saw increases in premiums in August compared to the year except for workers' compensation, which saw a negative premium change, according to insurance exchange Ivans Insurance Services, a division of Tampa-based Applied Systems Inc.
General Liability , commercial real estate, business owner policy, umbrella and work compensation all saw positive changes in the renewal rate from month to month in August while commercial cars were down.
By industry, the rate of premium renewal for August 2020 changed, including policies for entrepreneurs, which rose 5.00% in August, up from 4.38%; general debt, which increased by 3.61%, up from 3.45% last month; commercial real estate rose 5.48%, up from 5.42%; umbrella increasing 3.27%, up from 3.23%; employee benefits falling by 2.51
"As the pandemic develops, we continue to see a hardening in the market in all industries, but August showed a noticeable decline in commercial vehicles compared to July and will be an industry to watch closely," says Brian Wood, Vice President of the computer product group for Ivans, in the statement and adds “… data shows that prices are likely to stay up year over year and compensate for other negative effects on the industry.
The Ivans Index analyzes more than 120 million data transactions, from more than 32,000 agencies and 400 insurers and MGAs.