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Aug 2022

Global: Renewal rates continue its upward trend

Source: Middle East Insurance Review | Jul 2022

Nearly all average premium renewal rates for major commercial lines of business remain up y-o-y, according to the May 2022 results of the Ivans Index.
 
Y-o-y, the index indicated that nearly all lines of business, except workers’ compensation, experienced an increase in average premium renewal rate. Month-on-month, premium renewal rates increased for lines of business including business owners’ policy (BOP), general liability, commercial property and workers’ compensation. However, average premium renewal rates for commercial auto and umbrella decreased.
 
Premium renewal rate change by line of business for May 2022 was as follows: commercial auto: 5.03%, was down from 5.20% in the previous month; BOP: 5.67% in May, up from 5.56%; general liability: 4.85%, up from 4.64%; commercial property: 6.49%, up from 6.05%; umbrella: 5.12%, down from 5.17%; and workers’ compensation: -0.84%, up from -0.91% in April. M 
 

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