February 2024: Most Commercial Lines Report Premium Increases

Most commercial insurance lines experienced year-over-year increases in average premium renewal rate in February 2024, according to the IVANS Index, a regular premium renewal rate index compiled by the IVANS insurance exchange service.

Commercial auto, businessowners policy (BOP), general liability, commercial property, and umbrella experienced increases in average premium renewal rate, while premium renewal rate decreased for workers compensation.

Month over month, all major commercial lines premium renewal rates increased.

Premium renewal rate changes by the line of business during February include the following.

• Commercial auto. The average premium renewal rate for commercial auto was 10.30 percent in February, up from 7.40 percent the prior month.
• BOP. The average BOP premium renewal rate was 9.72 percent in February, up from 9.33 percent in January.
• General liability. General liability posted a 6.21 percent premium renewal rate in February, up from 5.38 percent in January.
• Commercial property. The average premium renewal rate for commercial property was 10.77 percent in February, up from 10.30 percent in January.
• Umbrella. The average premium renewal rate for umbrella was 6.98 percent in February, up from 6.35 percent in January.
• Workers compensation. The average premium renewal rate for workers compensation decreased to -0.40 percent in February, up from a -0.67 percent decrease in January.

The monthly IVANS Index is based on the analysis of data from more than 120 million commercial insurance transactions.