IVANS®, a division of Applied Systems®, today announced the May results of the IVANS Index™, the insurance industry’s premium renewal rate index. The results showed varied change in premium renewal rates month over month with BOP, General Liability and Commercial Property experiencing an upward turn, and Commercial Auto, Umbrella and Workers’ Compensation experiencing a downtick in rate.
Premium renewal rate change by line of business for May 2019 highlights include:
- Commercial Auto: 4.28%, down from 4.33% last month.
- BOP: 4.26%, up from 4.12% at the end of April.
- General Liability: 2.46%, up from 2.18% the month prior.
- Commercial Property: 3.82%, up from 3.69 in April.
- Umbrella: 2.52%, down from 2.59% the month prior.
- Workers’ Compensation: -3.86%, down from -3.77 last month.
“The latest IVANS Index results show varied changes among all commercial lines, with General Liability experiencing the greatest increase month over month since April,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services. “IVANS Index continues to enable agents to advise clients on expected policy renewal premium changes while providing the market intelligence insurers need to support pricing decisions.”
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.