Commercial Rates Across Majority of Lines Mostly Down in January: Ivans

IVANS, a division of Applied Systems, today announced the January results of the IVANS Index, the insurance industry’s premium renewal rate index. Month over month, January experienced a negative change in average premium renewal rate change across the majority of commercial lines, except Commercial Auto and Workers’ Compensation, which experienced a positive uptick, and Business Owners Policy which remained flat. Compared to the year prior, average premium renewal increased across all lines of business except Workers Compensation.

Source: IVANS | Published on February 6, 2019

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Premium renewal rate change by line of business for January 2019 highlights include:

  • Commercial Auto: 4.57%, up from 4.51% in December.
  • BOP: 4.23%, consistent from the month prior.
  • General Liability: 1.16%, down from 2.23% the last month.
  • Commercial Property: 3.74%, down from 3.95% at the end of December.
  • Umbrella: 2.17%, down from 2.29% the month prior.
  • Workers’ Compensation: -1.04, up from -2.66% last month.

“Most commercial product lines saw a slight downturn in the beginning of 2019 as compared to December 2018,” said Brian Wood, vice president of Data Products Group. “Month over month, IVANS Index continues to be utilized by agents to gain greater insights for better advice to clients during renewal periods and by insurers to support pricing strategies.”

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 IVANS Index report.