Premium renewal rate change by line of business for Q1 2019 highlights includes:
Commercial Auto: Averaged 4.53% for the quarter, with a quarter high in February at 4.61%. February marked the Q1 premium renewal rate change high for both 2018 and 2019.
BOP: First quarter averaged 4.19%, representing an increase over last quarter’s average of 4.00%. BOP premium renewal rate change finished the quarter at 4.39% in March.
General Liability: Q1 decreased from Q4, averaging 1.67% change relative to 2.54%. The quarter premium renewal rate change reached its low of 1.16% in January.
Commercial Property: Q1 increased to 4.24%, reaching a quarter high in February at 4.58%.
Umbrella: Q1 averaged 2.54% versus 2.42% in Q4. Umbrella premium renewal rate change for the quarter reached its high in February at 3.06%.
Workers’ Compensation: Average premium renewal rate change for the quarter reached -2.95%, down from Q4 average of -3.04%.
“Similar to the end of 2018, premium renewal rates experienced a continued increase compared to the year prior, with the exception of General Liability and Workers’ Compensation which experienced downward trends,” said Brian Wood, vice president of Data Products Group, IVANS Insurance. “As the only index that represents industry-wide transactions, IVANS Index empowers agents and insurers with data insights to inform their renewals conversations and support business decisions like pricing.”
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 Q1 2019 IVANS Index report.