IVANS®, a division of Applied Systems®, today announced the May results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, all lines of business saw an increase in average premium renewal rate, except Workers’ Compensation, which experienced a negative change in premium. Month over month, May premium renewal rates decreased across all major Commercial Lines products.
Premium renewal rate change by line of business for May 2020 highlights include:
- Commercial Auto: 4.74%, down from 4.8% last month.
- BOP: 06%, down from 5.22% at the end of April.
- General Liability: 23%, down from 3.29% the month prior.
- Commercial Property:13%, down from 5.51% in April.
- Umbrella: 01%, down from 3.18% the month prior.
- Workers’ Compensation: -2.68%, down from -2.06% last month.
“The latest IVANS Index results show a continued steady pattern of year-over-year increases across most major lines,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services. “As the impact of COVID-19 and other environmental impacts unfold, we will continue to monitor premium changes closely and provide a data-driven view into the health of the insurance industry for both brokers and insurers.”
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 400 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.
Download the complete Q1 IVANS Index report here.