Ivans, a division of Applied Systems, recently released the February 2024 results from the Ivans Index, revealing that all major commercial lines experienced an increase in average premium renewal rates month over month.
The Ivans Index is a data-driven report released monthly, providing insights into current conditions and trends for premium rate renewal changes across the insurance industry’s most placed commercial lines of business.
Ivans explained that compared to the January 2024 results, all lines of business saw an increase in premium renewal rate change. These lines include Commercial Auto, Business Owner’s Policy (BOP), General Liability, Commercial Property, Umbrella, and Workers’ Compensation.
This contrasts with last month’s results, where only Workers’ Compensation saw an increase in premium renewal rate change month over month, while all other lines experienced decreases.
Notably, Commercial Auto’s premium renewal rate averaged 10.30%, a significant increase compared to 7.40% last month.
The premium renewal rate changes for all other major commercial lines were minimal, with an increase of less than one percentage point month over month.
Additionally, Ivans notes that year over year, most lines of business also experienced an increase in average premium renewal rates, “while premium renewal rates decreased for Workers’ Compensation.”
The Workers’ Compensation premium renewal rate change averaged at -0.40%. However, this marks an improvement from -0.67% at the end of January, despite it being the lowest rate change out of all lines.
