Premium renewal rate change by line of business for July 2019 highlights include:
- Commercial Auto: 4.03%, down from 4.39% last month.
- BOP: 28%, up from 4.18% at the end of June.
- General Liability: 20%, down from 2.22% the month prior.
- Commercial Property: 12%, down from 4.25% in June.
- Umbrella: 72%, up from 2.66% the month prior.
- Workers’ Compensation: -3.05%, up from -3.06% last month.
“Year over year, most commercial product lines showcase an increase in renewal rate change, with Umbrella seeing the greatest uptick,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services. “The IVANS Index continues to provide the industry’s only data-driven insights for which agents can use to deliver better advice to clients and insurers can 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 Q2 IVANS Index report here.
About IVANS
IVANS, a division of Applied Systems, is the insurance industry’s exchange connecting insurers, MGAs, agencies, and the insured. IVANS cloud-based software automates the distribution and servicing of insurance products. For more than 35 years, IVANS innovation and expertise has connected 32,000 independent insurance agencies and 400 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.