Industry Trends | Read Time: 3 minutes

IVANS Index: Third Quarter Results Remain Consistent

October 5, 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.

Q3 Results Show Variable Premium Renewal Rate Change Average

Premium renewal rate change across the industry remained consistent for the quarter, with greater variability experienced by Commercial Property and Workers’ Compensation insurance quarter-over-quarter. Workers’ Compensation remains the only line of business experiencing negative premium renewal rate change.

This quarter’s key findings include:

  • Commercial Auto: Premium renewal rate change averaged 3.00% for the quarter (up from Q2), ending at 2.55% for September.
  • Business Owner’s Policy (BOP): Quarter premium renewal rate change averaged 3.79%, representing a decrease over last quarter’s average of 4.21%. BOP premium renewal rate change finished the quarter at 3.87% in September.
  • General Liability: Q3 premium renewal rate change experienced limited variability relative to Q2. The quarter premium renewal rate change low reached 1.68% in August and ended the quarter in September at 1.70%.
  • Commercial Property: Q3 premium renewal rate change decreased quarter-over-quarter, with an average rate change of 2.48% as compared to 3.08% in Q2.
  • Umbrella: Quarter premium renewal rate change averaged 1.47% vs. 0.94% in Q2.
  • Workers’ Compensation: Premium renewal rate change dipped again in Q3, averaging at -1.18% as compared to -0.16% in Q2.

In Q3, Commercial Property insurance premium renewal rate change averaged 2.48% vs. 3.08% in Q2, with a six month average of 2.78%. The third quarter’s premium renewal rate change for Commercial Property remained lower than any rate change experienced in Q2, with the highest change experienced in August (2.59%) and the lowest in September at 2.41%.

Workers’ Compensation premium renewal rate change averaged -1.18% in Q3 vs. -0.16% in Q2, with a six month average of -0.67%. July marks the lowest premium renewal rate change of the year at -1.41%, with September being the second lowest at -1.31%.

IVANS Index continues to demonstrate positive momentum for the market and highlight the most profitable opportunities for the industry. IVANS Index is available to agencies and insurers as part of Market Insights at

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.