Ivans Index Q4 and Year-End 2024 Results Released
January 21, 2025
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. – January 21, 2025 - Ivans® today announced the results for Q4 and year-end 2024 Ivans Index™, the insurance industry’s premium renewal rate index. The fourth quarter results of 2024 showed premium renewal rate change for all major commercial lines of business, except Workers’ Compensation, are up year over year. Compared to Q3 2024, Commercial Auto, Business Owner’s Policy, and Umbrella experienced an increase in average premium renewal rates in Q4 2024, while General Liability, Commercial Property, and Workers’ Compensation experienced a decrease.
Premium renewal rate change by line of business for Q4 2024 highlights include:
- Commercial Auto: Q4 2024 average premium renewal rate averaged 9.82%, an increase compared to Q3 2024’s average premium renewal rate of 9.71%. Q4 began in October with the lowest rate change of the quarter, averaging 9.62%, and ended with its highest rate of the quarter in December, averaging 9.99%.
- BOP: Premium renewal rate change for BOP averaged 9.09% in Q4 2024, with a quarter high in December at 9.59% and a low in October at 8.72%. The average premium renewal rate change for the quarter increased from 8.68% in Q3 2024.
- General Liability: Fourth quarter 2024 premium renewal rate experienced a decrease compared to Q3 2024, averaging 3.98% versus 4.28%. Premium renewal rate remained consistent in October and November, at 3.89%, and ended at 4.16% in December.
- Commercial Property: Premium renewal rate for Commercial Property averaged 11.11% in Q4 2024, with a quarter high in October at 11.24% and a low in November at 10.98%. The average premium renewal rate change for the quarter decreased from 11.69% in Q3 2024.
- Umbrella: Average premium renewal rate change for Umbrella experienced a slight increase during Q4 2024 at 8.76% versus 8.56% in Q3 2024. Q4 began in October with the lowest rate change of the quarter, averaging 8.49%, and ended with its highest rate of the quarter in December, averaging 9.09%.
- Workers’ Compensation: Workers’ Compensation premium renewal rate change averaged -1.47%, down from Q3 2024 at -1.28%. Q4 began in October with the highest rate change of the quarter, averaging -1.43%, and reached its lowest rate of the quarter in November, averaging -1.52%.
Notably, Commercial Auto ended the year with their highest average premium renewal rate change. 2024 average premium renewal rate change was higher for most lines of business compared to 2023, with only General Liability and Workers' Compensation experiencing slightly lower average renewal rate changes. Commercial Property average premium renewal rate change was once again consistently higher compared to all other lines of business in 2024.
“Premium renewal rates were variable throughout the fourth quarter, but remained elevated compared to 2023, signaling that hard market conditions may become the new normal for our industry,” said Kathy Hrach, senior vice president of product management, Ivans. “With an active catastrophic season in the fourth quarter of 2024 and a new administration entering the office in the first quarter of 2025, we will continue to look to the Ivans Index as a guidepost on the health of the commercial market.”
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 Q4 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.