Ivans® today announced the results of the Ivans IndexTM, the insurance industry’s premium renewal rate index, for October 2022. Except for Workers’ Compensation, all lines of business saw an increase in average premium renewal rate year over year. Year after year, BOP and Commercial Property have the highest premium renewal rate increases. Premium renewal rates for Commercial Auto, BOP, and Workers’ Compensation increased month over month, while General Liability, Commercial Property, and Umbrella decreased.
Premium renewal rate change by line of business for October 2022 highlights include:
- Commercial Auto: 5.12%, up from 5.05% last month.
- BOP: 7.15%, up from 6.63% at the end of September.
- General Liability: 5.24%, down from 5.4% the month prior.
- Commercial Property: 7.55%, down from 7.65% in September.
- Umbrella: 4.44%, down from 5.25% the month prior.
- Workers’ Compensation: -1.01%, up from -1.02% last month.
Released monthly, Ivans Index is a data-driven report of current conditions and trends for premium rate renewal change of the most placed commercial lines of business in the insurance industry. Analyzing more than 120 million data transactions, the Ivans Index premium renewal rate change measures the premium difference year over year for a single consistent policy. Inclusive of more than 34,000 agencies and 450 insurers and MGAs, the Ivans Index is reflective of the premium rate change trends being experienced by all agencies and insurers across the U.S. insurance market. Ivans Index is available to agencies and insurers as part of Market Insights at markets.ivansinsurance.com.
Download the complete Q3 Ivans Index report here.