Renewal rates for nearly all major commercial lines down month over month: Ivans

In the August 2024 results of the Ivans Index, year over year, Commercial Auto, BOP, General Liability, Commercial Property and Umbrella experienced notable increases in average premium renewal rates, while premium renewal rates decreased for Workers’ Compensation.

However, month over month, all major commercial lines premium renewal rates were lower, except for Umbrella which saw a slight increase.

Premium renewal rate change by line of business for August 2024 included Commercial Auto, which came in at 9.77%, down slightly from 9.79% that was recorded last month.

At the same time, BOP’s premium renewal rate averaged 8.64%, slightly down from 8.71% at the end of July.

Next up, General Liability averaged 4.18%, compared to last month’s 4.24%, while Commercial Property came in at 11.40%, down from 11.80% from July.

As well as this, Umbrella came in at 8.53% for August, a slight increase from July’s 8.43%, and Workers’ Compensation averaged -1.37% for August, down slightly from -1.32% in July.

The Ivans Index is a monthly released data-driven report that provides insights into current conditions and trends for premium rate renewal changes across the insurance industry’s most placed commercial lines of business.

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