Industry Trends | Read Time: 2 minutes

IVANS Index: October 2019 Results for Premium Renewal Rate Change

November 7, 2019

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 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 Line October September
Commercial Auto 4.33% 4.45%
BOP 4.54% 4.09%
General Liability 2.49% 2.73%
Commercial Property 4.35% 4.35%
Umbrella 2.46% 2.35%
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.

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.