The first-quarter results for 2020 show an increase premium renewal rate change across nearly all major commercial lines of business, including commercial auto, business owners policies (BOP), general liability, umbrella and commercial property insurance compared to the fourth quarter of 2019, according to data from IVANS, a division of Applied Systems.
However, the workers' compensation average premium renewal rate change remained in negative territory, albeit up from year-end 2019 results. Notably, all lines of business, including workers' compensation, experienced higher average premium renewal rate change from the quarter prior. Commercial property experienced a significant quarterly high at 5.14%.
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