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Most commercial lines see speed increases accelerate during second quarter renewals



Most major lines of commercial insurance experienced quarter-over-quarter increases in average premium renewal, with umbrella a notable exception, Ivans Insurance Services reported Thursday.

In commercial property lines, the average premium renewal rate of change increased 6.4% quarter over quarter, up from 6.16% in the first quarter, said Ivans in Tampa, Florida. The quarterly change in premium renewal reached its lowest level of 6.05% in April and its highest level in June of 6.67%.

The change in business owner policy premium renewal averaged 5.69% in the second quarter, up from 5.32% in the first quarter. The lowest of 5.56% was in April and the highest of 5.83% in June.

Commercial auto lines̵

7; average premium renewal change was 5.05%, up from 4.22% in the first quarter. The average change in premium renewal was highest in April at 5.2% and lowest in June at 4.92%.

General liability lines saw an average premium renewal increase of 4.76%, up from the first quarter’s 4.3%. The lowest was in April at 4.64% and the highest in May at 4.85%.

Workers’ compensation had an average premium renewal decline of 0.73%, up from the first quarter’s decline of 1.23%. The change in premium renewal rate experienced a low of -0.91% in April and ended the quarter at a high of -0.43.

Umbrella coverage’s average change in premium renewal price for the second quarter of 5.19% was down from the 5.77% seen in the first quarter. The lowest of 5.12% was in May and the highest of 5.29% in June.

“This quarter’s Ivans Index continues to show changes in average premium renewal that follow other strong macroeconomic trends in the market,” Kathy Hrach, vice president of product management for Ivans, said in a statement accompanying the report.

Ivans, a division of University Park, Ill.-based Applied Systems Inc., tracks more than 120 million data transactions and includes more than 34,000 agencies and 450 insurance companies and managing agents in its monthly analysis.


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