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 Auto||4.49% ↑||4.03%|
|General Liability||2.6% ↑||2.2%|
|Commercial Property||4.14% ↑||4.12%|
|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.