"Similar to late 2018, premium renewal rates experienced a continued increased compared to the year prior, with the exception of general liability and workers' compensation which experienced downward trends," Brian Wood, vice president of Data Products Group, IVANS Insurance, said in a press release. (Photo: Shutterstock)

The first quarter results for 2019 show an increase in premium renewal rate change across commercial auto, business owners policies (BOP), umbrella and commercial property insurance compared to the fourth quarter of 2018, according to results released this week by IVANS, a division of Applied Systems.

However, general liability renewal rate change experienced a decrease, and workers' compensation average premium renewal rate change dropped and remained in negative territory, consistent with the year-end 2018 results. Notably, commercial auto, business owners and umbrella policies all experienced higher average premium renewal rate change from the previous quarter.

Related: IVANS Q4: Nearly all major commercial lines saw rate change increases

Line by line

Here is a breakdown of the premium renewal rate change by line of business for the first quarter of 2019:

• Commercial Auto: Averaged 4.53% for the quarter, with a quarter high in February at 4.61%. February marked the first quarter premium renewal rate change high for both 2018 and 2019.
• BOP: Averaged 4.19%, representing an increase over last quarter's average of 4.00%. BOP premium renewal rate change finished the quarter at 4.39% in March.
• General Liability: The first quarter decreased from the fourth quarter, averaging 1.67% change relative to 2.54%. The quarter premium renewal rate change reached its low of 1.16% in January.
• Commercial Property: The first quarter increased to 4.24%, reaching a quarter high in February at 4.58%.
• Umbrella: The first quarter averaged 2.54% versus 2.42% in the fourth quarter. Umbrella premium renewal rate change for the quarter reached its high in February at 3.06%.
• Workers' Compensation: The average premium renewal rate change for the quarter reached -2.95%, down from the fourth quarter average of -3.04%.

"Similar to the end of 2018, premium renewal rates experienced a continued increased compared to the year prior, with the exception of general liability and workers' compensation, which experienced downward trends," Brian Wood, vice president of Data Products Group, IVANS Insurance, said in a press release.