Premium renewal rate change by line of business for August 2019 highlights include:
- Commercial Auto: 4.49%, up from 4.03% last month.
- BOP: 4.15%, down from 4.28% at the end of July.
- General Liability: 2.6%, up from 2.2% the month prior.
- Commercial Property: 4.14%, up from 4.12% in July.
- Umbrella: 2.92%, up from 2.72% the month prior.
- Workers’ Compensation: -2.49%, up from -3.05% last month.
“As premium renewal rates are climbing month over month, we see the market continuing to harden,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services. “This month’s IVANS Index shows increased premium pricing strategies by insurers, providing meaningful data for agencies to use during their renewal conversations with customers.”
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 Q2 IVANS Index report here.