Milwaukee, WI., July 25, 2024 (GLOBE NEWSWIRE) -- Ivans® today announced the results for Q2 2024 Ivans Index™, the insurance industry’s premium renewal rate index. The second quarter results of 2024 showed premium renewal rate change for all major commercial lines of business, except Workers’ Compensation, are up year over year. General Liability and Workers’ Compensation were the only major commercial lines to experience a decrease in average premium renewal rate compared to Q1 2024, with all other major lines experiencing an increase in Q2 2024.
Premium renewal rate change by line of business for Q2 2024 highlights include:
- Commercial Auto: Q2 2024 average premium renewal rate averaged 9.28%, an increase compared to Q1 2024’s average premium renewal rate of 9.09%. The quarter began with the lowest rate change in April, averaging 8.17%, and experienced its highest rate in May, averaging 9.97%.
- BOP: BOP premium renewal rate increased slightly in Q2 2024 with an average of 9.49% versus 9.30% in Q1 2024. The quarter began with the lowest rate change in April, averaging 7.94%, and reached its highest rate in May, averaging 12.14%.
- General Liability: General Liability premium renewal rate change averaged 4.86% in Q2 2024, down from Q1 2024 at 5.89%. The quarter reached its highest premium renewal rate change in May, averaging 5.76% and ended with its lowest rate of 4.06% in June.
- Commercial Property: Average premium renewal rate change for Commercial Property experienced a slight increase during Q2 2024 at 10.86% versus 10.52% in Q1 2024. The quarter reached its lowest rate change in May, averaging 9.94%, and ended with its highest rate in June, averaging 12.68%.
- Umbrella: Average premium renewal rate change for Umbrella experienced a significant increase during Q2 2024 at 9.62% versus 6.81% in Q1 2024. The quarter reached its highest premium renewal rate change in May, averaging 11.09% and ended with its lowest rate of 8.24% in June.
- Workers’ Compensation: Workers’ Compensation premium renewal rate change averaged -1.28% in Q2 2024, down from Q1 2024 at -0.88%. The quarter began with the lowest premium renewal rate change in April, averaging -2.16%, and reached its highest rate in May, averaging -0.20.
“This quarter’s Ivans Index results show that we continue to operate in hard market conditions,” said Kathy Hrach, senior vice president of Product Management, Ivans. “We will continue to track how macroeconomic trends, severe weather events, and the shifting political landscape influence rates as we enter the second half of 2024.”
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 600 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 Q2 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 650 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.
