P&C Insurance Pricing Watch – IVANS Premium Renewals Decelerate Again in May

Research evidence excerpt

P&C Insurance Pricing Watch – IVANS Premium Renewals Decelerate Again in May

Truist Securities

Equity Research Report June 4, 2026

FINANCIALS: Insurance

P&C Insurance Pricing Watch – IVANS

Premium Renewals Decelerate Again in Mark Hughes, CFA

615-748-4422 May Mark.Hughes@truist.com

Premium renewal rate changes averaged 6.21% in May (ex-workers’ compensation),

continuing a decelerating trend that commenced in January; this result compared to

Maxwell Fritscher gains of 6.38% in April and 7.01% for 1Q26 (Figures 1 & 2). Growth in all lines

404-439-9753 decelerated from April aside from commercial property – this line has proven to be Maxwell.Fritscher@truist.com

durable – and also workers’ comp, which remained in its multi-year range of down 1-2%,

per Figure 3. These IVANS numbers are consistent with the softer E&S data for April

6 Page Document and May and the broader industry pressure in early 2026 (see our 6/4 note, “1Q P&C

Granular Detail by Line Underscores Property Durability, Casualty Erosion”).

Reasons for this report

IVANS reported 5.28% premium renewal growth in general liability – this is the

✓ Sector Update largest casualty line – down from 5.70% in April and 6.85% in the first quarter. IVANS

measures premium changes on renewing policies and therefore includes both rate and

exposure, the latter presumably benefiting from sustained inflation. The umbrella line

similarly decelerated in May to 8.01% from April’s number of 8.27% from a 1Q gain of

9.36% (the year had actually started out quite strong with January 2026 at a near multi-

year high of up 10.47%).

Both general liability and umbrella are sensitive to investment yields as well as

loss inflation given the opportunity to generate investment income from the multi-year