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.
Tag: BOP
Three Out of Four Small Businesses in the U.S. Aren’t Protected Against Claims
Hiscox, the leading small business insurer, found that 75% of small businesses in the US are underinsured, and over 70% do not understand what business insurance covers.
Commercial Renewal Rates Up Month Over Month
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.
Hard Market Rates Continue with Average Premium Renewal Rates Up for Most Major Commercial Lines
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.
Liberty Mutual to Stop Offering its BOP in California
Property and casualty insurer Liberty Mutual will stop offering its business owner’s policy (BOP) product in wildfire-prone state California from Oct. 1, in a sign that cost inflation and higher catastrophe losses are pounding insurers’ profits.
Renewal Rates Experience Variable Change Y-O-Y Across Commercial Lines; All Rates Up Month Over Month
Year over year, Commercial Auto, Business Owners’ Policy (BOP), General Liability and Commercial Property experienced increasing average premium renewal rates.
Average Commercial Lines Renewal Rates Up Y-O-Y
IVAN’s first quarter results of 2023 showed premium renewal rate change for all major commercial lines of business except Workers’ Compensation are up year over year.
YOY Average Premium Renewal Rates Remain Up for Majority of Commercial Lines
Except for Workers’ Compensation, all lines of business saw an increase in average premium renewal rate year over year, according to Ivans.
Majority of January Commercial Lines Renewals See Lower Rates
IVANS® today announced the January 2022 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, premium renewal rates increased for lines of business including Commercial Property and Umbrella. Commercial Auto,… Continue reading Majority of January Commercial Lines Renewals See Lower Rates
Month-Over-Month Average Renewal Premium Rates for Some Lines Are Up
IVANS® today announced the October 2021 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, premium renewal rates rose for lines of business including Business Owner’s Policy (BOP), Commercial Property,… Continue reading Month-Over-Month Average Renewal Premium Rates for Some Lines Are Up