Renewal rate increases for all commercial lines except workers’ comp in Q3’24: Ivans Index

Ivans, a division of Applied Systems, has released the results for the third quarter of 2024 from the Ivans Index, which show year-over-year premium renewal rate increases across all major commercial lines of business, except Workers’ Compensation.

For Business Owner’s Policy (BOP), General Liability, and Umbrella, average premium renewal rates decreased compared to Q2 2024, while other major lines saw increases in Q3 2024.

Looking at Commercial Auto, the average renewal rate was 9.71% in Q3 2024, up from Q2 2024’s average of 9.27%. The quarter began with the highest rate change in July at 9.73%, and ended with its lowest rate in September, averaging 9.67%.

BOP premium renewal rate averaged 8.68% this quarter, down from 9.48% in Q2 2024. The quarter’s lowest rate was in August at 8.62%, ending with a peak at 8.76% in September.

General Liability premium renewal rates averaged 4.28% in Q3 2024, a decrease from 4.87% in Q2 2024, with the lowest rate in August at 4.14% and the highest in September at 4.48%.

Commercial Property rates rose, averaging 11.69% in Q3 2024 compared to 10.85% in Q2 2024. The highest rates were in July at 11.89%, with August seeing a low of 11.38%.

Umbrella premium renewal rates averaged 8.56% in Q3 2024, down from 9.62% in Q2 2024, with the lowest rate in July at 8.50% and the highest in September at 8.60%.

Lastly, Workers’ Compensation premium renewal rates averaged -1.28% in Q3 2024, a slight increase from -1.29% in Q2 2024, with August seeing the lowest rate at -1.39% and July the highest at -1.22%.

Kathy Hrach, Senior Vice President of Product Management at Ivans, commented, “This quarter’s Ivans Index underscores the belief that the severity of rate increases is slowing down while they remain at an elevated new normal.”

She added, “The Ivans Index will continue to deliver insights into how the recent natural catastrophic events and the impending potential regulatory changes will impact premium renewal rates.”

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