Most Renewal Rates Rise in Q4: IVANS
Ivans Insurance Services reports that renewal rates in the fourth quarter of 2020 increased for general liability, commercial property, umbrella, and commercial car. Commercial property renewal rates jumped 5.62% in the fourth quarter, and general liability renewal rates increased 3.47% in November. Meanwhile, business owners policy (BOP) renewal rates were up 4.57%.
Commercial car renewal rates rose 4.46% during the fourth quarter, and umbrella renewal rates climbed 3.46%. However, Ivans also reports that workers' compensation renewal rates declined by 2.13%. Kathy Hrach, vice president of product management at Ivans, said, “While we saw variable changes for all lines of business in 2020, average premium renewal rates for the fourth quarter trended higher than those of the third quarter, with the exception of BOP, which increased, and commercial auto, which remained virtually the same.”