IVANS®, a division of Applied Systems®, today announced the April results of the IVANS Index™, the insurance industry’s premium renewal rate index. Month over month, the results showed varied change in premium renewal rates, specifically, General Liability, Umbrella and Workers’ Compensation experienced an uptick in rate, and Commercial Auto, BOP and Commercial Property experienced a downward turn.
Premium renewal rate change by line of business for April 2019 highlights include:
- Commercial Auto: 4.33%, down from 4.42% the month prior.
- BOP: 4.12%, down from 4.39% in March.
- General Liability: 2.18%, up from 2.05% last month.
- Commercial Property: 3.69%, down from 4.40% at the end of March.
- Umbrella: 2.59%, up from 2.39% in March.
- Workers’ Compensation: -3.77, up from -4.43% the month prior.
“The latest IVANS Index results show a continued trend of increases in most commercial lines with the exception of Workers’ Compensation,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services. “Our data-driven approach to the IVANS Index helps identify the most profitable lines of business for insurers to invest and guide pricing strategies.”
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.