Commercial cars, business owners’ policies, general liability and work compensation increased the monthly premium renewal rate, while the average renewal rate for commercial real estate and umbrellas decreased, Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc., reported Thursday.
Renewal prices for commercial cars rose by 5.20% in April 2022, up from an increase of 4.47% in March 2022.
The renewal rate for business owners rose by 5.56% in April, up from an increase of 5.28% in March.
General debt renewal rose by 4.64% in April, up from an increase of 4.56% in March.
The number of employee renewals decreased by 0.91% in April, an increase from 1.48% in March.
The rate of renewal for commercial properties rose by 6.05% in April, down from 6.29% in March.
Umbrella renewal rose by 5.17% in April, down from 5.58% in March.
Ivans tracks more than 120 million data transactions and includes more than 34,000 agencies and 450 insurance companies and chief agents in its monthly analysis.