Premium renewal rate change by line of business for Q2 2019 highlights includes:
- Commercial Auto: Premium renewal rate change averaged 4.33% for the quarter, with a quarter high in June at 4.39%.
- BOP: Quarter premium renewal rate change averaged 4.19%, and finished the quarter at 4.18% in June.
- General Liability: Q2 premium renewal rate change increased from Q1, averaging 2.29% change relative to 1.67% in Q1. The quarter premium renewal rate change reached its low of 2.18% in April.
- Commercial Property: Q2 premium renewal rate change increased to 3.92%, reaching a quarter high in June at 4.25%.
- Umbrella: Q2 premium renewal rate change averaged 2.59 versus 2.54% in Q1. Umbrella premium renewal rate change for the quarter reached its high in June at 2.66%.
- Workers’ Compensation: Average premium renewal rate change for the quarter reached -3.56%, down from Q1 average of -2.95%.
“From Q2 2018 to Q2 2019, we see the trend of most Commercial Lines increasing with the exception of Workers’ Compensation,” said Brian Wood, vice president of Data Products Group, IVANS Insurance. “These data driven insights are indicating that premium pricing in the market continues to harden, providing opportunity for greater profitability across certain lines of commercial business.”
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 2019 IVANS Index report here.