IVANS Releases October IVANS Index Results
Premium renewal rate experiences variable change across nearly all major commercial product lines
Tampa, FL – November 2, 2017 – IVANS, a division of Applied Systems, today announced the results of September’s IVANS Index, the industry’s premium renewal rate index. In October 2017, premium renewal rate change for the majority of standard commercial lines products remain in positive territory, with Workers Compensation remaining in negative for premium renewal rate change. Month-to-month, Business Owners Policy continues to trend downward, but remains as the line of business with the highest premium renewal rate change.
Premium renewal rate change by line of business for October includes:
- Commercial Auto: 3.10%, up from 2.55% at the end of September.
- BOP: 3.57%, down from 3.87% the month prior.
- General Liability: 1.79%, up from 1.70% at the end of June.
- Commercial Property: 2.83%, up from 2.40% the month prior.
- Umbrella: 1.34%, down from 1.45% at the end of June.
- Workers’ Compensation: -2.24%, down from -1.31% the month prior.
“The latest IVANS Index figures show that premium renewal rate change across the industry remained mainly positive, but demonstrated more variance month-to-month than prior months,” said Matt Foran, vice president of IVANS Markets. “IVANS Index continues to provide guidance on the most profitable lines of business for both insurers and agents.”
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 30,000 agencies and 380 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.
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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 30 years, IVANS innovation and expertise has connected 30,000 independent insurance agencies and 380 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.