The Connected Business of Insurance
December 13, 2018
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.
November Results Show Even Split Across Major Commercial Product Lines
The latest IVANS Index results for November 2018 showed rate changes are split evenly for the first time this year. Business Owners Policy (BOP), Commercial Property and Umbrella experienced an uptick in premium renewal rate while Commercial Auto, General Liability and Workers’ Compensation saw a downward shift.
Highlights from the November 2018 results include:
- Commercial Auto: 4.66%, down from 4.81% in October.
- BOP: 4.14% up from 4.08% the month prior.
- General Liability: 2.65%, down from 2.74% the last month.
- Commercial Property: 3.76%, up from 3.51% at the end of October.
- Umbrella: 2.76%, up from 2.20% the month prior.
- Workers’ Compensation: -3.25, down from -3.20% last month.
The most recent IVANS Index figures display mixed results for premium renewal rate change. As the year nears its close, the IVANS Index continues to show growth opportunities in several commercial lines of business, guiding both agents and insurers towards industry-wide insights and profitable insights.
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 380 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 Q3 2018 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.