Premium Renewal Rates for All Major Commercial Lines Dip in October

Average premium renewal rates for major commercial insurance lines decreased month over month in October, according to the latest Ivans Index^™ data from Ivans^® insurance exchange service. Year over year, premium renewal rates rose across key lines, including commercial auto, businessowners policy (BOP), general liability, commercial property, and umbrella, while workers compensation rates continued their downward trend.

The Ivans Index, which aggregates data from over 120 million commercial insurance transactions, highlighted the following premium renewal rate changes for October 2024.

• Commercial auto: Renewal rates trended downward, averaging 9.62 percent, a slight decrease from the 9.67 percent average in September.

• BOP: Average BOP rates declined to 8.72 percent, down slightly from an 8.76 percent average the previous month.

• General liability: Premium renewal rates fell to an average of 3.89 percent, down from a 4.48 percent average in September.

• Commercial property: Rates decreased, averaging 11.24 percent, slightly lower than the 11.80 percent average a month earlier.

• Umbrella: Premium renewal rates dropped to an average of 8.49 percent, down from 8.60 percent in September.

• Workers compensation: The average workers compensation premium renewal rate decreased by 1.43 percent, marking a slight increase in the rate of decline from the 1.24 percent decrease observed in September.

The Ivans Index offers a valuable monthly benchmark for tracking premium renewal rates across major commercial lines, providing insights into market trends and rate changes for insurers, brokers, and risk managers.