Ivans Index Q3 2024 Results Released
Renewal rates for all major commercial lines of business, except Workers’ Compensation remain up year over year; rate change variable quarter over quarter
Milwaukee, WI., Oct. 24, 2024 (GLOBE NEWSWIRE) — Ivans® today announced the results for Q3 2024 Ivans Index™, the insurance industry’s premium renewal rate index. The third quarter results of 2024 showed premium renewal rate change for all major commercial lines of business, except Workers’ Compensation, are up year over year. Business Owner’s Policy (BOP), General Liability and Umbrella experienced a decrease in average premium renewal rate compared to Q2 2024, with all other major lines experiencing an increase in Q3 2024.
Premium renewal rate change by line of business for Q3 2024 highlights include:
- Commercial Auto: Q3 2024 average premium renewal rate averaged 9.71%, an increase compared to Q2 2024’s average premium renewal rate of 9.27%. The quarter began with the highest rate change in July, averaging 9.73%, and ended with its lowest rate in September, averaging 9.67%.
- BOP: BOP premium renewal rate decreased in Q3 2024 with an average of 8.68% versus 9.48% in Q2 2024. The quarter reached its lowest rate change in August, averaging 8.62%, and ended with its highest rate in September, averaging 8.76%.
- General Liability: General Liability premium renewal rate change averaged 4.28% in Q3 2024, down from Q2 2024 at 4.87%. The quarter reached its lowest rate change in August, averaging 4.14%, and ended with its highest rate in September, averaging 4.48%.
- Commercial Property: Average premium renewal rate change for Commercial Property experienced an increase during Q3 2024 at 11.69% versus 10.85% in Q2 2024. The quarter reached its highest rate change in both July, averaging 11.89%, and experienced its lowest rate in August, averaging 11.38%.
- Umbrella: Average premium renewal rate change for Umbrella experienced a decrease during Q3 2024 at 8.56% versus 9.62% in Q2 2024. The quarter began with the lowest premium renewal rate change in July, averaging 8.50%, and reached its highest rate in September, averaging 8.60%.
- Workers’ Compensation: Workers’ Compensation premium renewal rate change averaged -1.28% in Q3 2024, up very slightly from Q2 2024 at -1.29%. The quarter reached its lowest premium renewal rate change in August, averaging -1.39%, and reached its highest rate in July averaging -1.22%.
“This quarter’s Ivans Index underscores the belief that the severity of rate increases is slowing down while they remain at an elevated new normal,” said Kathy Hrach, senior vice president of product management, Ivans. “The Ivans Index will continue to deliver insights into how the recent natural catastrophic events and the impending potential regulatory changes will impact premium renewal rates.”
Released monthly, Ivans Index is a data-driven report of current conditions and trends for premium rate renewal change of the most placed commercial lines of business in the insurance industry. Analyzing more than 120 million data transactions, the Ivans Index premium renewal rate change measures the premium difference year over year for a single consistent policy. Inclusive of more than 38,000 agencies and 700 insurers and MGAs, the Ivans Index is reflective of the premium rate change trends being experienced by all agencies and insurers across the U.S. insurance market. Ivans Index is available to agencies and insurers as part of Market Insights at markets.ivansinsurance.com.
Download the complete Q3 Ivans Index report.
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About Ivans
Ivans is where insurance carriers, agents, and MGAs come together to grow their businesses. Every day, our 38,000 agents and over 700 carrier and MGA partners plug into technology that empowers them to better determine appetite and eligibility, swiftly produce quotes, get accurate claims and commission updates, automatically communicate policy data, and connect to one another to drive new business. With easier ways to get the day’s work done, insurance professionals can open the door to more revenue without letting complexity in behind it.
CONTACT: Lauren Malcolm Ivans 678-438-5093 [email protected]
