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.