Premium renewals are down in major commercial lines in the first quarter of 2021, brokerage management system (BMS) provider Applied Systems says, as it releases its Canadian Commercial Lines Premium Rate Index.
"The impact of the pandemic and the economic uncertainty continues to challenge small business, influencing renewal rates and risk advice," says Steve Whitelaw, vice president of industry and partner relations for Applied Systems.
Compared with the first quarter of 2020, the increase in average premium renewal rates is down for all lines, with the exception of construction, erection and installation services, which shows a slight increase in the first quarter of 2021 compared with Q1 2020.
"Our data indicates that while the magnitude of the premium increases are down across the most commonly placed classes of commercial lines business in Canada, compared to 2020, premium increases remain a reality for businesses today,” Whitelaw adds.
