Premium renewal rates for commercial insurance have shown mixed results in early 2025, according to the latest Ivans Index report. While most major lines of insurance saw year-over-year increases, workers’ compensation is the exception.
The report, which tracks premium renewal rates, indicates a general decline in rates compared to the previous quarter, with the notable exception of umbrella insurance.
Here are some key changes in premium renewal rates for April 2025:
- Commercial Auto: 8.4%, down from 8.8% in March.
- Businessowners Policy (BOP): 8%, down from 8.2% at the end of March.
- General Liability: 4.3%, up from 3.7% in March.
- Commercial Property: 7.7%, a slight increase from 7.6% in March.
- Umbrella: 9.4%, up from 9.3% in March.
- Workers’ Compensation: -1.8%, slightly lower than -1.5% in the previous month.
The Ivans Index is a comprehensive report that analyzes over 120 million data transactions, representing trends across more than 38,000 agencies and 700 insurance carriers and managing general agents (MGAs). This data provides a clear picture of how premium rates are changing in the U.S. insurance market.
As businesses continue to navigate the insurance landscape, these shifts in renewal rates could impact their budgeting and financial planning for the year ahead. Understanding these trends is crucial for both insurers and policyholders as they make decisions in a changing market.