Commercial property renewal rates up double-digit; all lines rise: Ivans
Commercial property insurance renewal rates scratched their way to double digit growth in April in a month that saw all six leading renewal categories show an uptick in growth dynamics from the prior month reading.
Commercial property renewal rates in the US rose 10.1% in April, ahead of a 9.1% growth rate in March and 8.9% average for the first quarter, the Ivans Index indicated.
Acceleration has been strongest for commercial property, up nearly a full percentage point from March and now over 2 percentage points from the Q4 2022 average acceleration.
Business owners policy (BOP) renewal rates remain the second fastest growing category at 7.6%, a jump above the running range.
Mark commercial auto near the top of its running range at 6.2%, generally liability at the lower end of its range at 5.3%, umbrella renewal rates in their range at 5.1% and workers' compensation renewal rates at a negative 1.2%, near recent readings.
The Ivans Index, published monthly, measures the year over year for a single consistent policy based on data from more than 34,000 agencies and 450 insurers and MGAs across the U.S. insurance market.
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