Renewal rates for commercial insurance increased in April for commercial real estate, general liability, umbrella, commercial car and business owners, while compensation for labor compensation decreased compared to March 2021, according to a report Thursday from Ivan's Insurance Services, a division of Tampa, Florida -based Applied Systems Inc.
Month over month, premium renewal prices for industries including commercial vehicles, corporate ownership policy, general liability and umbrella increased, while commercial real estate saw a decline. The work compensation remained unchanged from last month's average premium renewal rate.
The renewal rate for commercial real estate rose 5.52% in April, down from 5.69% in March. March.
The renewal rate for general liability increased by 4.00% in April, compared to 3.61
Business owners' policy renewal rates increased by 4.64% in April, from 4.54% in March.
The renewal rate for umbrellas increased by 4.29% in April, compared to 4.18% in March.
Employment compensation decreased by 1.64% in April, unchanged from 1.64% in March.
"This month's results from the Ivans Index show a hardening market with almost all major commercial industries increasing quarter on quarter after declining at the end of March," said Kathy Hrach, Vice President of Product Management, Ivans Insurance Services, in a statement.
"Year over year, BOP and commercial real estate continue to e experiencing the largest increase across all major commercial industries. We expect this trend to develop as macroeconomic developments play out as a result of the pandemic, ”she added.
Ivans tracks more than 120 million data transactions and includes more than 32,000 agencies and 400 insurance companies and managing general agents in its monthly analysis. .