Renewal rate increases, decreases mixed in Q4: Ivans

Renewal rates in commercial auto, business owners policy and umbrella liability increased in the fourth quarter of 2024, compared with the third quarter, according to a report Tuesday from Ivans Insurance Services, a unit of Applied Systems Inc.

But rates for general liability and commercial property slowed, Ivans said.

Renewal rates for all major commercial lines of business, except workers compensation, remain up year over year, Ivans said.

Commercial auto rates increased 9.82% in the fourth quarter, compared with 9.71% in the third quarter, according to Ivans. Business owners policy rates increased 9.09%, up from 8.68%; and umbrella liability rates rose 8.76%, up from 8.56%.

In other lines, general liability rates rose 3.98%, down from 4.28% in the prior quarter; and commercial property rates increased 11.11%, down from 11.69%.

Workers compensation rates fell again, with a decrease of 1.47%, compared with a 1.28% decrease in the prior quarter.

“Premium renewal rates were variable throughout the fourth quarter, but remained elevated compared to 2023, signaling that hard market conditions may become the new normal for our industry,” Kathy Hrach, senior vice president of product management at Ivans, said in a statement.