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.
May Results Show Uptick Across Majority of Major Commercial Product Lines
The latest IVANS Index results for May 2018 showed that the majority of standard commercial lines products are trending positively, except Commercial Auto and Umbrella, which experienced a slight downward tick while still remaining in positive territory.
Highlights from the May 2018 results include:
- Commercial Auto: 4.04%, down from 4.54% at the end of April.
- BOP: 4.02%, up from 3.86% the month prior.
- General Liability: 2.37%, up from 2.16% at the end of last month.
- Commercial Property: 3.20%, up from 2.98% at the end of April.
- Umbrella: 1.54%, down from 2.31% the month prior.
- Workers’ Compensation: -2.71%, up from -2.93% at the end of April.
May’s IVANS Index figures show that premium rate change across the industry still remains steadily positive, with average variance from month to month across nearly all lines, except for Umbrella which experienced the most significant trend change. These numbers demonstrate that the Commercial Lines market remains hard and further provide guidance on the most profitable lines of business for both insurers and agents.
Analyzing more than 120 million data transactions, the IVANS Index premium renewal rate change measures the premium difference year over year for a single consistent policy. Inclusive of more than 30,000 agencies and 380 insurers and MGAs, the IVANS Index is reflective of the premium rate change trends being experienced by all agencies and insurers across the U.S. insurance market.