Commercial property insurance rates rose an average of 5.54% in Q2 2021, according to IVANS, which is a division of Applied Systems. The second-quarter results of 2021 showed premium renewal rate change for all major commercial lines of business increased year over year, except workers' comp. (Illustration: Adobe Stock)
On average, P&C insurance-industry renewal rates are experiencing a sustained upward trend, according to the Q2 2021 IVANS Index™ released July 21st by IVANS Insurance Solutions.
"This quarter's results demonstrate a continued hardening of the market as the average premium renewal rates in most major commercial lines of business increased compared to Q1," Kathy Hrach, vice president of product management, IVANS Insurance, said in a press release about the Q2 results. "As we continue to manage through the pandemic and changing regulatory environments, the premium renewal insights of the IVANS Index will provide a leading indicator of the strength of the insurance channel."
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