Most major commercial lines saw monthly decreases in average renewal rates save for workers compensation, 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 all saw monthly decreases.
The premium renewal rate change for commercial property was 10.30%, down from 10.67% in December.
Business owners policy had a premium renewal rate change of 9.33%, off from 9.72% at the end of December.
Commercial auto saw a January premium renewal rate change of 7.40%, 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 was the only line to register a gain, 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.