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Most commercial renewal rates hikes slow in January: Ivans

renewal rates

Most major commercial lines saw monthly increases in average renewal rates in January, save for workers compensation, but the pace of the rates hikes slowed, according to a report Wednesday from Ivans Insurance Services, a unit of Applied Systems Inc.

The January 2024 Ivans Index showed that commercial property, general liability, commercial auto, business owners policy and umbrella lines continued to see monthly increases.

The premium renewal rate change for commercial property was up 10.3%, which was slower than the 10.67% rate hike in December.

Business owners policy had a premium renewal rate change of 9.33%, down from 9.72% at the end of December.

Commercial auto saw a January premium renewal rate change of 7.4%, less than December’s 8.67%.

Umbrella coverage had a premium renewal rate change of 6.35%, down from 6.62% in December.

General liability lines’ January premium renewal rate change of 5.38% was down from December’s 6.16%.

Workers compensation rates fell but at a slower pace, with January’s premium renewal rate change of -0.67% up from December’s -0.82%.

Ivans says it analyzes more than 120 million data transactions from more than 38,000 agencies and 600 insurers and MGAs for the Ivans Index.