IVANS®, a division of Applied Systems®, today announced the October results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, October experienced an uptick in premium renewal rate change across half of the Commercial Lines products, including BOP, Umbrella and Workers’ Compensation. Commercial Auto and General Liability saw a negative change, and there was no change for Commercial Property in October.
Premium renewal rate change by line of business for October 2019 highlights include:
- Commercial Auto: 4.33%, down from 4.45% last month.
- BOP: 54%, up from 4.09% at the end of September.
- General Liability:49%, down from 2.73% the month prior.
- Commercial Property: 35%, flat from the month prior.
- Umbrella: 46%, up from 2.35% the month prior.
- Workers’ Compensation: -2.95%, up from -3.23% last month.
“Year over year, premium renewal rate changes are trending positive, with BOP spiking to make the largest rate increase across any line this year,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services. “As year-end approaches, the IVANS Index will enable insurers to utilize data to support pricing decisions and allow agents to provide better advice on anticipated 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 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 Q3 IVANS Index report here.