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Most renewal rates rise during Q4: Ivans



The fourth-quarter renewal rate increased for compensation for general liability, commercial property, umbrella and workers compared to the third quarter, according to a report Thursday from Ivan Insurance Services, a division of Tampa, Florida-based Applied Systems Inc. [19659002]

for commercial real estate rose 5.62% during the fourth quarter, compared with 5.30% during the third quarter. The rate of change for commercial real estate for December was 5.68%.

The renewal rate for general liability increased by 3.47% in November, from 3.44% in the third quarter. The change in the general liability ratio for December was 3.59%.

The rate of renewal for business owners rose 4.57% during the fourth quarter, down from 4.76% during the third quarter. The rate of change for business owners' policy renewal for December was 4.64%.

The rate of renewal of labor compensation decreased by 2.1

3% during the fourth quarter, compared with a decrease of 2.41% during the third quarter. The rate of change for work compensation for December was -1.70%.

Commercial car renewal rates increased by 4.46% during the fourth quarter, compared to 4.46% during the third quarter. The commercial auto-renewal rate for December was 5.03%.

The umbrella renewal rate increased by 3.46% compared to 3.09% during the third quarter. The change in umbrella renewal for December was 3.79%.

"While we saw variable changes for all business areas in 2020, average premium renewal rates for Q4 increased higher than those for the third quarter, with the exception of BOP which increased and commercial vehicle which remained virtually the same," said Kathy Hrach, Vice President of product management at Ivans, said in a statement with the report.

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. Catalog

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