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 continue to experience upward trend across half of all major commercial lines month over month
Year over year, all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, October experienced an uptick in premium renewal rate change across half of the Commercial Lines products, including BOP, Umbrella and Workers’ Compensation. Commercial Auto and General Liability saw a negative change, and there was no change for Commercial Property in October.
Key changes from the October 2019 results include:
|Commercial Auto||4.33% ↓||4.45%|
|General Liability||2.49% ↓||2.73%|
|Commercial Property||4.35% –||4.35%|
|Workers' Compensation||-2.95% ↑||-3.23%|
Year over year, premium renewal rate changes are trending positive, with BOP spiking to make the largest rate increase across any line this year. As year-end approaches, the IVANS Index will enable insurers to utilize data to support pricing decisions and allow agents to provide better advice on anticipated renewals.
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.