IVANS, a division of Applied Systems, today announced the November results of the IVANS Index, the insurance industry’s premium renewal rate index. For the first time this year, rate changes are split evenly with an uptick in premium renewal rate across Business Owners Policy (BOP), Commercial Property and Umbrella, while Commercial Auto, General Liability and Workers’ Compensation experienced a downward shift.
Premium renewal rate change by line of business for November 2018 highlights include:
- Commercial Auto: 4.66%, down from 4.81% in October.
- BOP: 4.14% up from 4.08% the month prior.
- General Liability: 2.65%, down from 2.74% the last month.
- Commercial Property: 3.76%, up from 3.51% at the end of October.
- Umbrella: 2.76%, up from 2.20% the month prior.
- Workers’ Compensation: -3.25, down from -3.20% last month.
“The IVANS Index indicates the premium renewal rate change across the industry show mixed results, with the greatest year-over-year changed being experienced by Commercial Property and Umbrella,” said Brian Wood, vice president of Data Products Group. “As we close in on year-end and renewal season, the IVANS Index will be a guiding tool for agents to advise clients on expected renewal rates and insurers to support their pricing strategies into 2019.”
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.