January Sees Premium Increases Across Most Commercial Insurance Lines

Year over year, all lines of commercial insurance experienced increases in their premium renewal rate in January 2024, according to the Ivans Index, a regular premium renewal rate index compiled by the Ivans insurance exchange service.

Month over month, workers compensation saw an increase in premium renewal rate changes, while commercial auto, businessowners policy (BOP), general liability, commercial property, and umbrella experienced decreases, according to Ivans.

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

• Commercial auto. The average premium renewal rate increase for commercial auto insurance was 7.40 percent in January, down from 8.67 percent in December.
• BOP. The average BOP premium renewal rate increased by 9.33 percent in January, down from a 9.72 percent increase a month earlier.
• General liability. The average premium renewal rate for general liability increased by 5.34 percent in January, down from 5.71 percent the prior month.
• Commercial property. Commercial property insurance saw an 8.67 percent increase in the average premium renewal rate in January, down from 10.67 percent in December.
• Umbrella. The average premium renewal rate for umbrella coverage increased by 6.35 percent in January, down from 6.62 percent a month earlier.
• Workers compensation. The average premium renewal rate for workers compensation decreased by 0.67 percent in January, up from a 0.82 percent decrease in December.

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