Ivans Index Shows Most Commercial Lines Renewal Rates Up in November

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