Most major commercial lines premium renewal rates were higher month over month, except general liability, which remained consistent with October and Commercial Property and Workers’ Compensation which saw a decrease, according to the November 2024’s results of the Ivans Index.
Premium renewal rate change by line of business for November 2024 highlights include:
- Commercial auto: 9.86%, up from 9.62% last month.
- Business owners policy (BOP): 8.95%, up from 8.72% at the end of October.
- General liability: 3.89%, consistent with October, which was also 3.89%.
- Commercial property: 10.98%, down from 11.24% in October.
- Umbrella: 8.71%, up from 8.49% the month prior.
- Workers’ compensation: -1.52%, down from -1.43% last month.
Year over year, commercial auto, BOP, general liability, commercial property and umbrella experienced increasing average premium renewal rates, while premium renewal rates decreased for workers’ compensation.
Source: IVANS Index
Topics Trends Commercial Lines Business Insurance Pricing Trends
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