Ivans Index Q3 2023 Results Released
October 12, 2023
Renewal rates experience variable change year over year across commercial lines; all rates up month over month
Milwaukee, WI. – October 12, 2023 - Ivans® today announced the results for Q3 2023 Ivans Index™, the insurance industry’s premium renewal rate index. The third quarter results of 2023 showed premium renewal rate change for all major commercial lines of business, except Workers’ Compensation, are up year over year. Q3 experienced an increase in average premium renewal rate change across all major commercial lines.
Premium renewal rate change by line of business for Q3 2023 highlights include:
- Commercial Auto: Q3 2023 average premium renewal rate averaged 7.01%, an increase compared to Q2 2023 average premium renewal rate of 6.50%. The quarter began with the lowest rate change in July, averaging 6.62%, and ended with its highest rate in September, averaging 7.40%.
- BOP: BOP premium renewal rate increased in Q3 2023 with an average of 7.74% versus 7.56% in Q2 2023. The quarter reached its highest premium renewal rate change in August, averaging 7.84% and ended with its lowest rate of 7.56% in September.
- General Liability: Third quarter 2023 premium renewal rate experienced an increase compared to Q2 2023, averaging 5.43% versus 5.21%. Q3 2023 premium renewal rate experienced its high in August at 5.61% and reached its low in September at 5.32%.
- Commercial Property: Average premium renewal rate change for Commercial Property experienced an increase during Q3 2023 at 10.08% versus 9.77% in Q2 2023. The quarter began with the lowest rate change in July, averaging 9.74%, and reached its highest rate in August, averaging 10.56%.
- Umbrella: Average premium renewal rate change for Umbrella experienced an increase during Q3 2023 at 5.29% versus 5.12% in Q2 2023. The quarter began with the lowest rate change in July, averaging 4.90%, and reached its highest rate in August, averaging 5.76%.
- Workers’ Compensation: Workers’ Compensation premium renewal rate change averaged -0.98%, up from Q2 2023 at -1.10%. The third quarter of 2023 began with the highest rate change in July, averaging -0.52%, and ended with its lowest rate in September, averaging -1.37%.
“This quarter’s Ivans Index shows that nearly across the board the hard market continues as rate increases further hike north,” said Kathy Hrach, vice president of Product Management, Ivans. “We will continue to monitor the rates as we further navigate the challenging macroeconomic environment through year end and prepare for 2024 renewals.”
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.
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Ivans is where insurance carriers, agents, and MGAs come together to grow their businesses. Every day, our 38,000 agents and over 600 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.