Ivans, a provider of cloud-based software for the insurance industry, has released the November 2024 results of its Ivans Index, a key indicator of premium renewal rate changes, which reveals year-over-year increases in average renewal rates for numerous lines of business.
The latest data reveals increases for Commercial Auto, BOP, General Liability, Commercial Property, and Umbrella policies, while Workers’ Compensation rates declined.
On a month-over-month basis, most commercial lines experienced higher renewal rates, with the exception of General Liability, which remained steady, and both Commercial Property and Workers’ Compensation, which recorded decreases.
In November, Commercial Auto renewal rates rose to 9.86%, up from 9.62% in October. BOP rates increased to 8.95% from 8.72%, while General Liability held steady at 3.89%.
Commercial Property rates fell slightly to 10.98%, down from 11.24% the prior month. Umbrella policies showed growth, reaching 8.71%, compared to 8.49% in October. Workers’ Compensation continued its decline, with rates dropping further to -1.52% from -1.43%.
The Ivans Index is a data-driven report that tracks renewal rate trends across major commercial insurance lines, reflecting real-world conditions in the US market.
By analysing over 120 million transactions from more than 38,000 agencies and 700 carriers and MGAs, the Index offers a clear perspective on year-over-year changes for consistent policies.
