The Future of Insurance
August 24, 2017
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.
Workers’ Compensation reaches lowest point yet in 2017
In July 2017, premium renewal rate change for the majority of standard commercial lines products remained in positive territory, including Auto, Business Owner’s Policy (BOP), General Liability, Property and Umbrella. Workers’ Compensation is the one product that remained negative, dipping below -1.00% for the first time this year.
Workers’ Comp averaged -0.16% rate change in Q2 vs. -0.48% in Q1, with a six month average of -0.32%. In May, renewals experienced a temporary spike above zero to 0.58%; however, it dipped to -1.41% in July, down from -0.86% the month prior.
The latest IVANS Index figures show that premium renewal rate change across the industry has remained consistent, with Commercial Auto and Umbrella premium renewal rate change experiencing the greatest positive increase while Workers’ Compensation continues to trend more negatively.
IVANS Index continues to lead the industry in providing unique data insights on premium renewal trends that are influencing renewal and pricing strategies. IVANS Index is available to agencies and insurers as part of Market Insights at markets.ivansinsurance.com.
Matt Foran, VP and general manager of IVANS Market Appetite, a division of Applied Systems, is responsible for the creation and strategic execution of the cutting edge distribution platform built for the commercial insurance industry. Prior to his current role, Matt was the CEO of EvoSure, which was acquired by Applied Systems in September 2015. Before co-founding EvoSure, Matt was the director of strategy for Zurich Specialty Products, a $2.5 billion business unit of Zurich Insurance Group, where he worked closely with the CEO and Senior Management to set overall strategic direction, develop and execute financial and operational plans, and lead execution of strategic initiatives. Previously, Matt served as assistant vice president of Marsh USA, with responsibilities including the initial formation of the Marsh & McLennan Agency, the Marsh Select Model, the restructuring of Marsh USA, and was a broker for healthcare and Fortune 500 firms. Matt was selected as a Global Rising Star by Reactions Magazine in 2011 and named in Insurance Business America magazine’s Hot 100 list for 2015.