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 varying changes month to month across major commercial lines
Year over year, nearly all lines of business experienced an increase in average premium renewal rate, except Workers’ Compensation, which saw a negative turn. Month over month, January premium renewal rates experienced variable change across the majority of the Commercial Lines products, with upticks for General Liability, Commercial Property, Umbrella and Workers’ Compensation. Commercial Auto and BOP saw negative changes.
Key changes from the January 2020 results include:
|Commercial Auto||4.09% ↓||5.12%|
|General Liability||3.52% ↑||2.78%|
|Commercial Property||4.86% ↑||4.65%|
|Workers' Compensation||-1.63% ↑||-3.05%|
As we kick off 2020, we continue to see the broad trend of increases in year over year premium renewal rate changes for major commercial lines, including Workers’ Compensation which had a significant uptick relative to prior months. The IVANS Index continues to give guidance on pricing for insurers to drive the most profitable premium while enabling agencies to inform insureds on 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.