The last thing a business owner or CFO wants to hear is that their commercial insurance rate is increasing at the time of renewal. Over that past 20 years, the insurance markets have been soft, however, due to the current state of affairs and impact of COVID-19, the insurance industry is shifting into a hardening market.
The trend can be seen when reviewing the August results of the IVANS Index™ which tracks premium renewal rates. Here are the changes versus the month prior:
- Business Owners Policy: 5.00%, up from 4.38%
- General Liability: 3.61%, up from 3.45%