Premium renewal rate change by line of business highlights for Q3 include:
- Commercial Auto: Premium renewal rate change averaged 4.32% for the quarter, with a quarter high in August at 4.49%.
- BOP: Quarter premium renewal rate change averaged 4.17%, and finished the quarter at 4.09% in September.
- General Liability: Q3 premium renewal rate change increased from Q2, averaging 2.51% change relative to 2.29% in Q2. The quarter premium renewal rate change reached its low of 2.20% in July.
- Commercial Property: Q3 premium renewal rate change increased to 4.20%, reaching a quarter high in September at 4.35%.
- Umbrella: Q3 premium renewal rate change averaged 2.66 versus 2.59% in Q2. Umbrella premium renewal rate change for the quarter reached its high in August at 2.92%.
- Workers’ Compensation: Average premium renewal rate change for the quarter reached -2.92%, up from Q2 average of -3.56%.
“From Q3 2018 to Q3 2019, most Commercial Lines premium renewal rates have increased, with the exception of Workers’ Compensation which continues to trend down,” said Brian Wood, vice president of Data Products Group, IVANS Insurance. “Our numbers continue to show prices increasing, arming brokers with the data-driven insights they need to more accurately guide customers during renewals and providing insurers line of sight in how their pricing compares to industry averages.”
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 Q3 IVANS Index report here.