Ivans® today announced the February 2023 results of the Ivans Index™, the insurance industry’s premium renewal rate index. Year over year, all lines of business experienced an increase in average premium renewal rate. Business Owners Policy (BOP) and Commercial Property remain the highest premium renewal rate increases year over year. Month over month, BOP, General Liability, Commercial Property, and Workers’ Compensation experienced increases in premium renewal rate change, while Commercial Auto and Umbrella saw decreases.
Premium renewal rate change by line of business for February 2023 highlights include:
- Commercial Auto: 5.64%, down from 5.84% last month.
- BOP: 7.18%, up from 6.87%, at the end of January.
- General Liability: 5.37%, up from 5.34% the month prior.
- Commercial Property: 8.86%, up from 8.67% in January.
- Umbrella: 4.98%, down from 5.59% the month prior.
- Workers’ Compensation: -0.86%, up from -1.85% last month.
Released monthly, Ivans Index is a data-driven report of current conditions and trends for premium rate renewal change of the most placed commercial lines of business in the insurance industry. 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 34,000 agencies and 450 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. Ivans Index is available to agencies and insurers as part of Market Insights at markets.ivansinsurance.com.
Download the complete Q4 and Year over Year Ivans Index report.
About Ivans
Ivans is where insurance carriers, agents, and MGAs come together to grow their businesses. Every day, our 34,000 agents and 450 carrier partners plug into technology that empowers them to better determine appetite and eligibility, swiftly produce quotes, get accurate claims and commission updates, automatically communicate policy data, and connect to one another to drive new business. With easier ways to get the day’s work done, insurance professionals can open the door to more revenue without letting complexity in behind it.