January 2023 Commercial Insurance Renewal Rates: Insights from Ivans Index

The latest Ivans Index data reveals a mixed landscape in commercial insurance renewal rates for January, highlighting shifts in industry trends. Umbrella liability rates experienced a notable increase, reaching 10.5%, compared to 10.1% in December. This reflects a dynamic environment for providers and carriers navigating risk management.

Conversely, commercial property insurance rates rose by 7.2%, showing a decrease from December's 8.3%. Business owners and general liability insurance saw a 6.9% increase in renewal rates, slightly down from around 7.5% the previous month. Meanwhile, commercial auto insurance renewal rates climbed by 5.6%, marking a reduction from December's 6.5%.

Renewal rates for workers compensation declined by 2.2% in January, following a 1.8% decrease in December. However, on a year-over-year basis, most lines, excluding workers compensation, demonstrated growth, underscoring the resilience of the insurance industry. The Ivans Index, a component of Applied Systems' data exchange services, offers vital insights into regulatory compliance requirements and trends affecting payers and providers.