Ivans Index shows premium renewal rates up for most commercial lines, indicating positive market trends.

From GlobeNewswire: 2025-01-21 09:00:00

Ivans® released Q4 and year-end 2024 Ivans Index™, showing premium renewal rates up for all major commercial lines except Workers’ Compensation. Commercial Auto, BOP, and Umbrella saw increases, while General Liability, Commercial Property, and Workers’ Compensation decreased in Q4 2024. Commercial Auto had the highest average rate change in 2024.

Commercial Auto saw an average premium renewal rate increase to 9.82% in Q4 2024. BOP averaged 9.09%, General Liability decreased to 3.98%, Commercial Property was at 11.11%, Umbrella rose to 8.76%, and Workers’ Compensation was at -1.47%. Commercial Property had consistently higher rates in 2024.

Kathy Hrach, Ivans’ senior VP, noted elevated premium renewal rates compared to 2023, suggesting a shift to a hard market. The Index provides a guidepost on the commercial market’s health amid a new administration and an active catastrophic season. The data-driven report analyzes over 120 million transactions monthly.

Ivans Index, a report on premium rate renewal trends, measures year-over-year premium differences for commercial lines. It includes data from 38,000 agencies and 700 insurers, reflecting trends across the U.S. insurance market. The Index is available through Market Insights at markets.ivansinsurance.com. Download the complete Q4 report for more details.

Ivans brings insurance carriers, agents, and MGAs together to enhance their business operations. Through technology, agents and partners can determine eligibility, generate quotes, update claims and commissions, communicate policy data, and drive new business opportunities. Simplifying workflows can increase revenue and efficiency for insurance professionals.



Read more at GlobeNewswire: Ivans Index Q4 and Year-End 2024 Results Released