IVANS®, a division of Applied Systems®, today announced the results of IVANS Index for the month of August, the insurance industry’s premium renewal rate index. Bouncing back from last month’s results of decreasing rate change across almost all lines of business, August results show positive change across nearly all major commercial lines except for Commercial Auto, which experienced slight negative change.
Premium renewal rate change by line of business for August 2018 highlights include:
- Commercial Auto: 4.42%, down from 4.51% at the end of July.
- BOP: 3.9 5%, up from 3.79% the month prior.
- General Liability: 2.54%, up from 2.21% at the end of July.
- Commercial Property: 3.54%, up from 3.03% the month prior
- Umbrella: 1.84%, up from 1.65% at the end of July.
- Workers’ Compensation: -2.17%, up from -3.41% the month prior.
“The latest results of the IVANS Index show a continual increase of nearly all premium renewal rates, except Commercial Auto which experienced a slight downtick this month,” said Brian Wood, vice president of IVANS Markets. “This month’s IVANS Index further demonstrates the year over year change from July to August shift in premium renewal rates following mid-year renewals.”
Released on a monthly basis, 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 32,000 agencies and 380 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.