Renewal rates fell for four US commercial lines last month, finds Ivans

Four lines of commercial insurance for buyers in the US recorded month-over-month declines in premium renewal rate changes last month, with two facing increases, according to a report from Ivans Insurance Services.

As first reported in our sister publication Business Insurance, commercial auto, general liability, commercial property and umbrella saw decreases in average premium renewal rates during February 2022.

Meanwhile, business owners policy and workers compensation saw month-over-month increases during the period.

Business owners policy renewal rates rose 5.41% in February 2022, up from an increase of 5.28% in January.

Workers compensation renewal rates declined 0.95%, an increase after falling 1.26% in January.

Commercial property renewal rates rose 6.01% in February, down from 6.17% in January.

Umbrella renewal rates rose 4.68%, down from 5.58%.

General liability renewal rates rose 4.11% last month, down from 4.23% in January.

Commercial auto renewal rates rose 4.06% in February 2022, down from a 4.13% increase in January.

Ivans tracks more than 120 million data transactions and includes more than 32,000 agencies and 400 insurers and managing general agents in its monthly analysis.

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