Ivans Index Shows Slowing in Q3 Premium Renewal Rate Change 

• The October Ivans Index reported that all major commercial lines premium renewal rates were lower last month.
• The workers’ compensation premium renewal rate change (see chart above) declined an average of 1.28% in Q3 2024, a modest improvement from Q2 2024’s -1.29%. 
• Q3 reached its lowest premium renewal rate change in August, averaging -1.39%, and reached its highest rate in July averaging -1.22%.
• Florida experienced a consistently lower premium renewal rate change relative to the quarter average across all three months, beginning in July with -8.16%, -7.87% in August, and -7.01% in September. 
• The WC average premium renewal rate change was lower in Q3 2024 compared to Q3 2023, which averaged -0.99%, with the most significant change in July 2024 at -1.22% compared to -0.52% in July 2023.
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Four of Top 25 WC Carriers Logged 2023 Decline in Premiums Written

• The rankings of US WC carriers in the November issue of Best’s Review shows Traveler’s Group logged the highest level of direct premiums written in 2023, with $3.87 billion, up 1.6%.
• The industry’s total was $58.35 billion.
• Four of the top 25 carriers showed a decline in direct premiums written, led by Markel Insurance Group, down 5.9%.
• There was no change year-to-year in the top 10 carriers.
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