Ivans, a division of Applied Systems, has released its Q1 2025 results for the Ivans Index, showing that the average premium renewal rate change across nearly all major commercial lines, except Umbrella, decreased compared to Q4 2024.
However, year-over-year premium renewal rate changes for all major commercial lines of business, except Workers’ Compensation, have increased.
In Q1’25, Commercial Auto’s average premium renewal rate was 9.24%, down from 9.82% in Q4’24. The quarter saw its highest rate in February, averaging 9.53%, and its lowest in March at 8.78%.
BOP saw an average of 8.56%, a decline from 9.09% in the previous quarter. Its highest rate change was in January at 9.02%, and the lowest was in March at 8.19%.
General Liability averaged 3.95%, slightly down from 3.98% in Q4’25. The highest rate change occurred in January at 4.19%, and the lowest was in March at 3.71%.
Commercial Property averaged 8.57%, a significant drop from 11.11%. The highest rate change was in January at 9.74%, and the lowest was in March at 7.63%.
Umbrella experienced an increase in Q1’25, with a rate change of 9.26%, up from 8.76% in Q4’24. The quarter began with the highest rate change in January at 9.47%, and reached its lowest rate in February at 9.03%.
Workers’ Compensation premium renewal rate change averaged -1.51% in Q1’25, down slightly from -1.47% in Q4’24. The quarter started with its highest premium renewal rate change, averaging -1.44% in January, and reached its lowest rate of -1.55% in February.
Kathy Hrach, SVP of Product Management at Ivans, said, “While we saw quarterly premium renewal rates for nearly all major commercial lines decrease during the first quarter, there’s still pressure on many lines of business due to the challenging macroeconomic environment.
“The current administration is beginning to make new economic and global policies that are sure to have an impact on our industry, and we expect to see the effects of these decisions reflected through the Ivans Index in the coming months.”
