Average Commercial Lines Renewal Rates Remain Up Month Over Month

Best rankings on net premiums

Year over year, Commercial Auto, BOP, General Liability, Commercial Property and Umbrella experienced increasing average premium renewal rates, while premium renewal rates decreased for Workers’ Compensation. All major commercial lines premium renewal rates were higher month over month.

Commercial Renewal Rates Up Month Over Month

Social inflation and insurance rates

The third quarter results of 2023 showed premium renewal rate change for all major commercial lines of business, except Workers’ Compensation, are up year over year. Q3 experienced an increase in average premium renewal rate change across all major commercial lines.

U.S. Auto Insurer Claim Payouts Soar Due to Increasing Inflation

social and economic inflation impact on auto insurance

U.S. personal and commercial auto insurer liability claim payouts combined were $96 billion to $105 billion higher between 2013 and 2022 because of social and economic inflation, according to a new Insurance Information Institute (Triple-I) study.