All major commercial lines premium renewal rates were lower in October than in August, according to the latest monthly .
Premium renewal rate change by line of business for October 2024 highlights include:
- Commercial Auto: 9.62%, down slightly from 9.67% last month.
- BOP: 8.72%, down slightly from 8.76% at the end of September.
- General Liability: 3.89%, down from 4.48% the month prior.
- Commercial Property: 11.24%, down from 11.80% in September.
- Umbrella: 8.49%, down from 8.60% the month prior.
- Workers’ Compensation: -1.43%, down from -1.24% last month.
Compared to the second quarter 2024, the third quarter saw a decrease in average premium renewal rate change across business owner’s policy (BOP), general liability and umbrella. Commercial auto, commercial property and workers’ compensation experienced an increase, said Ivans.
Commercial property average premium renewal rate change was about 11.7% in Q3 2024 compared to about 101% in Q3 2023. Commercial auto premium at renewal went up an average of 9.7% in Q3 versus about 7% during the same period a year ago.
Umbrella rates increased 5.3% during Q3 2023鈥攍ower than the average increase of 8.6% during Q3 2024.
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