The results of Ivan’s Index for the 3rd quarter of 2023 has been released. Average renewal premiums rose for all major commercial lines of business. The only exception — as has been the last few years — is workers compensation.
Here are the results from the 3rd quarter of 2023 compared to the 3rd quarter of 2022:
- Commercial Auto — up 7%
- It was 6.5% in the 3rd quarter of 2022
- Business Owner’s Policy (BOP) — rose 7.74%
- The increase was 7.56% in the 3rd quarter of 2022
- General Liability — increased 5.43%
- It rose 5.21% in the 3rd quarter of 2022
- Commercial Property — jumped 10.08%
- It was up 9.77% in the 3rd quarter of 2022
- Umbrella — increased 5.29%
- Prices rose 5.12% in the 3rd quarter of 2022
Workers’ compensation is the only line to see a drop in the 3rd quarter. It fell 1% and that compares to a 1.1% drop in the 3rd quarter of 2022.
Source link: Insurance Journal — https://bit.ly/3QXVaE1
