US commercial P&C renewal rates rise in November, led by auto
US commercial P&C insurance renewal rate growth accelerated in four of six sub-segments in November 2023, led by a continuing surge for commercial auto, according to the latest reading of the Ivans Index.
A simple average of all six categories shows rate growth rising to a 6.7% pace from 6.4% in October. Counting out the outlier of workers’ compensation, average renewal rate growth gained a fraction to 8%.
Rate growth remains highest in commercial property at 9.9%, despite signs of tapering off from an August peak.
Commercial auto rates continue to show the greatest unabated acceleration, up 0.7 percentage points in November and over 3 percentage points year-to-date.
Rates in workers’ compensation showed signs of life, rising year on year for the first time after years of rate erosion.
Business owners policy renewal rates, at 8.9% in November, join commercial auto in being at long-term highs after jumping above range in October.
Gains in October had also put umbrella policy renewal rate growth at a long-term high, up fractionally again in November to 6.3%.
Renewal rate trend in general liability remains the most stable amongst major sub-segments. Flat month to month and within a tight 0.3 percentage point range over the past six months.
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