Ivans: GL and umbrella rate rises accelerate in July

By Navneeta Nandan

Aug 15 - (The Insurer) - General liability and umbrella rate increases accelerated in July compared with June, while rises continued to slow in commercial auto, BOP and commercial property, according to data from the latest Ivans Index.

The Ivans Index tracks rate movements in six key lines of business, and while rises continued in five of those segments, declines continued in workers' compensation in July, although the extent of the reduction moderated.

The index for July shows rate increase for commercial auto of 7.96%, down from 8.42% last month, for BOP of 7.55%, down from 7.74% at the end of June, and for general liability of 4.98%, up from June's 4.79%.

In commercial property, average rate rises were 7.98% in July, down from the previous month's 8.19%, and for umbrella of 8.83%, up from 8.69% in the previous month.

Workers' compensation rates fell 1.48%, compared to a 1.61% drop in June.

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.

The Ivans Index tracks premium rate renewal change for the most placed commercial lines of business in the insurance industry. It measures the premium difference year over year for a single consistent policy. The index is inclusive of more than 38,000 agencies and 700 carriers and MGAs.