The Connected Business of Insurance
March 07, 2019
IVANS Index is a data-driven report of current conditions and trends for premium renewal rate change of the most placed commercial lines of business in the insurance industry. Data collected in the IVANS Index enables insurers to determine competitive rates and the most profitable lines of business for investment. To learn more about IVANS Index, read IVANS Index: Industry Insights to Help You Run Your Business Better.
Positive Uptick in Premium Renewal Rate Change Average Across Nearly All Lines of Business
Year over year, February results showed an increase in premium renewal rate change across all major commercial lines of business, except Workers’ Compensation. Month to month, results showed an uptick in premium renewal rate change across Commercial Auto, General Liability, Commercial Property and Umbrella; conversely, BOP, and Workers’ Compensation experienced a negative rate change month over month.
Key findings from the February 2019 results include:
- Commercial Auto: 4.61%, up from 4.57% in the month prior.
- BOP: 3.94%, down from 4.23% in January.
- General Liability: 1.81%, up from 1.16% last month.
- Commercial Property: 4.58%, up from 3.74% at the end of January.
- Umbrella: 3.06%, up from 2.17% in January.
- Workers’ Compensation: -3.38, down -1.04% the month prior.
The latest IVANS Index figures showed a slight variance, with the most significant trend changes occurring with Umbrella and Workers’ Compensation month over month. The IVANS Index will continue to provide guidance to agents as they advise clients on premium changes at renewal and to insurers as they evaluate which lines of business to actively compete in.
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.
For further insights into premium renewal rate change across the industry, download the latest IVANS Index report now >
Brian Wood, Vice President of Data Products Group for IVANS, develops innovative and data-driven applications, tools and services for the insurance industry. Prior to this position, he co-founded EvoSure, which was acquired by Applied in Sept 2015. Brian spent 10 years with Marsh & McLennan as Senior Vice President of Strategy and Business Analysis where he developed global insurance distribution platforms. Brian began his career in insurance building the first company to bind insurance online, insuranceOrder.com (a Trilogy company) which was acquired by Marsh & McLennan in 2001.