Second-quarter 2021 renewal rate changes for most major commercial lines of business increased year over year, save for workers compensation, according to a report Wednesday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.
When compared sequentially with results from first-quarter 2021, second-quarter renewal rate changes increased for commercial auto, business owner’s policy, general liability and umbrella lines, while commercial property and workers compensation saw decreases.
In commercial property lines, the average premium renewal rate change was 5.54% compared with 5.82% in the first quarter and 5.29% in second-quarter 2020. The quarter premium renewal rate change reached its low of 5.43% in May and its high of 5.68% at the end of the quarter.
For commercial auto, second-quarter average premium renewal rate change averaged 4.51%, up from 4.25% in the first quarter but down from 4.72% in second-quarter 2020. The quarter began with a high of 4.65%