Premium renewal rate change by line of business for April 2020 highlights include:
- Commercial Auto: 4.8%, up from 4.75% last month.
- BOP: 5.22%, up from 4.85% at the end of March.
- General Liability: 3.29%, up from 3.18% the month prior.
- Commercial Property: 5.51%, up from 5.28% in March.
- Umbrella: 3.18%, down from 3.22% the month prior.
- Workers’ Compensation: -2.06%, down from -1.96% last month.
“The IVANS Index currently shows slight increases in premium renewal rates across nearly all major commercial lines of business, responding to changing market dynamics,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services. “As the pandemic changes the way the world does business, we will continually watch the numbers closely to see how changing market dynamics will impact the health of the industry.”
Released on a monthly basis, 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 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. IVANS Index is available to agencies and insurers as part of Market Insights at markets.ivansinsurance.com.
Download the complete Q1 IVANS Index report here.