Ivan’s Index Q3 2024 results released

MILWAUKEE, WI., Oct. 24, 2024 (GLOBE NEWSWIRE) — Ivans® today announced third quarter 2024 results for the Ivans Index™, the insurance industry’s premium renewal rate index. Third quarter 2024 results showed that premium renewal rates for all major commercial lines of business except workers’ compensation increased year-over-year. Business owner’s policy (BOP), general liability and umbrella experienced a decrease in the average premium renewal rate compared to the second quarter of 2024, while all other major lines experienced an increase in the third quarter of 2024.

Highlights of the premium renewal rate change by business line for the third quarter of 2024 include:

• Commercial car: The average premium renewal rate in the third quarter of 2024 averaged 9.71%, an increase compared to the average premium renewal rate in the second quarter of 2024 of 9.27%. The quarter began with the highest rate change in July, averaging 9.73%, and ended with the lowest rate in September, averaging 9.67%.
• BOP: The BOP premium renewal rate decreased by an average of 8.68% in the third quarter of 2024, compared to 9.48% in the second quarter of 2024. The lowest rate change reached the quarter in August at an average of 8.62% and ended with the highest rate in September with an average of 8.76%.
• General liability: The change in general liability premium renewal rate averaged 4.28% in the third quarter of 2024, compared to 4.87% in the second quarter of 2024. The quarter reached its lowest rate in August at an average of 4.14% and ended at an average in September 4.48% at the highest rate.
• Commercial property: The average change in premium renewal rate for commercial real estate recorded an increase of 11.69% in the third quarter of 2024 compared to 10.85% in the second quarter of 2024. The highest rate of change in the quarter reached in July with an average of 11.89% and recorded in August with an average 11.38% the lowest rate. .
• Umbrella: The average change in umbrella premium renewal rate recorded a decrease of 8.56% in the third quarter of 2024 compared to 9.62% in the second quarter of 2024. The quarter began with the lowest change in premium renewal rate in July, an average of 8.50%, and reached in September reached its highest value with an average of 8.60%.
• Workers’ Compensation: The change in workers’ compensation premium renewal rate averaged -1.28% in the third quarter of 2024, a slight increase from the second quarter of 2024 of -1.29%. The quarter reached the lowest change in premium renewal rate in August at an average of -1.39% and reached the highest rate in July at an average of -1.22%.

“This quarter’s Ivans Index underscores the belief that the intensity of tariff increases is slowing while remaining at an elevated new normal,” said Kathy Hrach, senior vice president of product management at Ivans. “The Ivans Index will continue to provide insight into how recent natural disasters and upcoming potential regulatory changes will impact premium renewal rates.”

Published monthly, the Ivans Index is a data-driven report on current conditions and trends for premium renewal changes in the insurance industry’s top-ranked commercial lines of business. By analyzing more than 120 million data transactions, Ivan’s Premium Renewal Rate Change Index measures the year-to-year difference in premiums for a single consistent policy. The Ivans Index includes more than 38,000 agencies and 700 insurers and MGAs and reflects premium change trends observed across all agencies and insurers in the U.S. insurance market. The Ivans Index is available to agencies and insurers as part of Market Insights at Markets.ivansinsurance.com.

Download the full Ivans Index Q3 report.

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