Most Commercial Lines See Rate Hikes in August: IVANS
Lines of commercial insurance saw year-over-year increases in average premium renewal rates during August except workers compensation, according to insurance exchange Ivans Insurance Services, a division of Applied Systems Inc.
Year over year, all lines of business experienced an increase in average premium renewal rate, except Workers’ Compensation, which saw a negative change in premium. Month over month, August premium renewal rates experienced a positive change across General Liability, Commercial Property, BOP, Umbrella and Workers’ Compensations; Commercial Auto experienced negative changes in August.
Ivans Index analyzes more than 120 million data transactions, from more than 32,000 agencies and 400 insurers and MGAs.