Industry Trends | Read Time: 2 minutes

IVANS Index: August 2019 Results for Premium Renewal Rate Change

September 9, 2019

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.

Premium renewal rates experience upward trend across nearly all major commercial lines

Month over month, August experienced an uptick across nearly all of the commercial lines products, except Business Owners Policy which experienced a slight negative change. Year over year, all lines of business experienced positive premium renewal rate, except for Worker’s Compensation which remains negative.

Key changes from the August 2019 results include:
Commercial Line August July
Commercial Auto 4.49% 4.03%
BOP 4.15% 4.28%
General Liability 2.6% 2.2%
Commercial Property 4.14% 4.12%
Umbrella 2.92% 2.72%
Workers' Compensation -2.49% -3.05%

As premium renewal rates are climbing month over month, we see the market continuing to harden. This month’s IVANS Index shows increased premium pricing strategies by insurers, providing meaningful data for agencies to use during their renewal conversations with customers.

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 32,000 agencies and 400 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.

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.