The Connected Business of Insurance
June 06, 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 Changes Across All Major Commercial Lines of Business
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.
Key findings from the May 2019 results 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 change among all commercial lines, with General Liability experiencing the greatest increase month over month since April. 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.
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.