Premium renewal rate increases slowed down in April for majority of commercial lines: Ivans

In the April 2024 results of the Ivans Index, year over year, Commercial Auto, Business Owner’s Policy (BOP), General Liability, Commercial Property and Umbrella each experienced increasing average premium renewal rates, while premium renewal rates decreased for Workers’ Compensation.

At the same time, all major commercial lines premium renewal rates were lower month over month, except for Umbrella, which saw a significant increase.

Premium renewal rate change by line of business for April 2024 included Commercial Auto, which came in at 8.17%, down from 9.58% last month.

Additionally, BOP’s premium renewal rate averaged 7.94%, down from 8.84% at the end of March.

Moving forward, General Liability averaged 4.77%, down from 6.07% the month prior, while Commercial Property was 9.96%, down from 10.50% in March.

Further, Umbrella came in at 9.52%, a solid increase from 7.10% the month prior, and Workers’ Compensation stood at -2.16%, down from -1.57% last month.

The Ivans Index is a monthly released data-driven report that provides insights into current conditions and trends for premium rate renewal changes across the insurance industry’s most placed commercial lines of business.

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