Industry Trends | Read Time: 3 minutes

IVANS Index: Premium Renewal Rate Change for April

May 4, 2017

Brian Wood By: Brian Wood

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.

Monthly Update: Severe Weather Impacts

“Property Insurers Hit By Worst First Quarter In 20 Years” was a Wall Street Journal front page story on April 30th. In the first quarter, the U.S. experienced 432 tornados, which is 340 more than the three year average according to NOAA.

Overall property rates have yet to show substantial changes over prior months.  However, in Texas and Kansas, the two highest volume tornado states, property insurance buyers are experiencing renewals at near 50% higher than the overall average over the past six months.  The six-month rates in Texas and Kansas averaged 4.12% vs. the overall property average of 2.78%.

States averaging fewer tornadoes per year than Texas and Kansas, including Oklahoma, Florida, Nebraska, Illinois and Colorado, have experienced less impact on premium renewal rate change over the past 6 months.

An updated assessment of the impact of storms, particularly tornados, will be included in the IVANS Index Q2 Report.

For further insights into premium renewal rate change across the industry, download the latest IVANS Index report now >

Brian Wood

Brian Wood

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, (a Trilogy company) which was acquired by Marsh & McLennan in 2001.