Renewal Rates for Nearly All Commercial Lines Up YoY; Nearly All Experience Decrease Month Over Month

Year over year, all major commercial lines experienced an increase in average premium renewal rates. Month over month, Workers’ Compensation experienced an increase in premium renewal rate change, while Commercial Auto, BOP, General Liability, Commercial Property, and Umbrella saw decreases.

Source: IVANS | Published on February 8, 2024

premium increases and decreases

Ivans® today announced the January 2024 results of the Ivans Index™, the insurance industry’s premium renewal rate index. Year over year, all major commercial lines experienced an increase in average premium renewal rates. Month over month, Workers’ Compensation experienced an increase in premium renewal rate change, while Commercial Auto, BOP, General Liability, Commercial Property, and Umbrella saw decreases.

Premium renewal rate change by line of business for January 2024 highlights include:

  • Commercial Auto: 7.40%, down from 8.67% last month.
  • BOP: 9.33%, down from 9.72% at the end of December.
  • General Liability: 5.38%, down from 6.16% the month prior.
  • Commercial Property: 10.30%, down from 10.67% in December.
  • Umbrella: 6.35%, down from 6.62% the month prior.
  • Workers’ Compensation: -0.67%, up from -0.82% last month.

Released monthly, Ivans Index is a data-driven report of current conditions and trends for premium rate renewal change of the most placed commercial lines of business in the insurance industry. Analyzing more than 120 million data transactions, the Ivans Index premium renewal rate change measures the premium difference year over year for a single consistent policy. Inclusive of more than 38,000 agencies and 600 insurers and MGAs, the Ivans Index is reflective of the premium rate change trends being experienced by all agencies and insurers across the U.S. insurance market. Ivans Index is available to agencies and insurers as part of Market Insights at markets.ivansinsurance.com.

Download the complete Year-End & Q4 2024 Ivans Index report.