Insurance
Home›Insurance›Industry & Deals›Commercial insurance renewal rates keep sliding across…
Commercial insurance renewal rates keep sliding across most lines
General liability fell from 4.99% in July to 4.18% in August, while workers' compensation remained negative but improved to -1.1% from -1.26% in July, according to the latest Ivans Index.
Commercial insurance renewal rates fell across five of six major lines in August, indicating the soft pricing environment has continued, according to the Ivans Index as summarized by Insurance Business.
The index, which is based on more than 120 million data transactions across 38,000 agencies and 700 carriers and managing general agents, showed month over month declines for every line it covers, even though year over year pricing changes were still positive across all five lines.
Among the steepest August moves, general liability dropped to 4.18% from 4.99% in July, while business owners policy averaged 5.44% in August, down from 5.94% in July. Commercial property fell to 5.69% from 6.16%, and commercial auto declined to 3.58% from 4.03%.
Workers' compensation was the one exception on the month, with an August renewal rate of -1.10%, up from -1.26% in July. Insurance Business noted that workers' compensation remains negative year over year, but the pace of the decline is easing, pointing toward a potential move toward flat pricing, while umbrella recorded the largest cumulative drop since January.