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.
Average premium renewal rates experience positive change month to month across most major commercial lines
Year over year, nearly all lines of business experienced an increase in average premium renewal rate, except Workers’ Compensation, which maintained its negative trend. Month over month, February saw the greatest average premium renewal rate increases in Commercial Auto and Commercial Property; Umbrella experienced the most significant downward trend form the month prior.
Key changes from the February 2020 results include:
|Commercial Auto||5.58% ↑||4.09%|
|General Liability||3.04% ↑||3.52%|
|Commercial Property||5.28% ↑||4.86%|
|Workers' Compensation||-1.85% ↓||-1.63%|
Month over month, our data shows that average premium renewal rates continue to rise across major commercial lines, reflecting both in the data as well as the daily experiences of our agency and carrier partners. The IVANS Index continues to bring the intelligence insurers need to guide pricing strategies and for agencies to deliver more data-backed guidance to their customers regarding expected renewal rates.
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 430 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.