The Connected Business of Insurance
November 09, 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.
October results show variable change across commercial product lines
The latest IVANS Index figures show that premium renewal rate change across the industry remained mostly positive through October, but demonstrated more variance month-to-month than prior months.
This month’s key findings include:
- Commercial Auto: 3.10%, up from 2.55% at the end of September.
- BOP: 3.57%, down from 3.87% the month prior.
- General Liability: 1.79%, up from 1.70% at the end of June.
- Commercial Property: 2.83%, up from 2.40% the month prior.
- Umbrella: 1.34%, down from 1.45% at the end of June.
- Workers’ Compensation: -2.24%, down from -1.31% the month prior.
Rate change for the majority of standard commercial lines products remained in positive territory, with Workers Compensation remaining in the negative as in previous months. Business Owners Policy (BOP) continues to trend downward, but still remains as the line of business with the highest premium renewal rate change. The results of the IVANS Index continue to provide guidance on the most profitable lines of business for both insurers and agents.
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.