Premium renewal rate change by line of business for January 2020 highlights include:
- Commercial Auto: 4.09%, down from 5.12% last month.
- BOP:4%, down from 4.75% at the end of December.
- General Liability:02%, up from 2.78% the month prior.
- Commercial Property:86%, up from 4.65 in December.
- Umbrella: 08%, up from 2.71% the month prior.
- Workers’ Compensation: -1.63%, up from -3.05% last month.
“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,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services. “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.”
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 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. IVANS Index is available to agencies and insurers as part of Market Insights at markets.ivansinsurance.com.
Download the complete Q4 IVANS Index report here.