The Connected Business of Insurance
August 09, 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.
Premium Renewal Rate Experiences Variable Changes Across All Major Commercial Lines of Business
Month over month, July experienced a downtick in premium renewal rate change across the half of the commercial lines products, including Commercial Auto, General Liability and Commercial Property. BOP, Umbrella and Workers’ Compensation experienced slight positive changes in July.
Key findings from the July 2019 results include:
- Commercial Auto: 4.03%, down from 4.39% last month.
- BOP: 4.28%, up from 4.18% at the end of June.
- General Liability: 2.20%, down from 2.22% the month prior.
- Commercial Property: 4.12%, down from 4.25% in June.
- Umbrella: 2.72%, up from 2.66% the month prior.
- Workers’ Compensation: -3.05%, up from -3.06% last month.
Year over year, most commercial lines of business showcase an increase in renewal rate change, with Umbrella seeing the greatest uptick. The IVANS Index continues to provide the industry’s only data-driven insights for which agents can use to deliver better advice to clients and insurers can support pricing strategies.
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.