From: Captive.com/IRMI
Premium renewal rate changes for all major lines of commercial insurance except workers compensation were up year over year during the first quarter of 2023, according to the Ivans Index, a regular premium renewal rate index compiled by the Ivans insurance exchange service.
The first quarter saw increases in average premium renewal rate changes for commercial auto, business owners policy (BOP), commercial property, umbrella, and workers compensation compared to the fourth quarter of 2022. General liability experienced a decrease in average premium renewal rates in the first quarter from the prior quarter.
Premium renewal rate changes by the line of business during the first quarter include the following.