Renewal Rates Up YOY for All Commercial Lines Except Workers Comp

Premium renewal rates increased year over year for all major commercial lines, except workers’ compensation, according to the January 2025 results of the Ivans Index.

Month over month, commercial auto, business owners policy (BOP), and commercial property experienced decreases in premium renewal rate change, while general liability, umbrella and workers’ compensation saw an increase.

Premium renewal rate change by line of business for January 2025 highlights include:

• Commercial Auto: 9.4%, down from nearly 10% last month, but up from January 2024, which was 7.4%.
• BOP: 9%, down from 9.6% at the end of December. This is a slight decrease from last year’s 9.3% in January.
• General Liability: 4.2%, up slightly from December, which was 4.16%, and decreasing from January 2024, which was 5.4%.
• Commercial Property: 9.74%, down significantly from 11.1% in December, as well as from 10.3% in January 2024.
• Umbrella: 9.5%, up from 9.1% in December 2024 and 6.35% in January 2024.
• Workers’ Compensation: -1.44%, up slightly from -1.45% last month, but down from -0.67% in January 2024.

The 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. It analyzes more than 120 million data transactions, and measures the premium difference year over year for a single consistent policy.

Source: IVANS Index

Topics
Trends
Workers’ Compensation
Commercial Lines
Business Insurance
Pricing Trends