IVANS Index November Results Released
Insurance industry premium renewal rate experiences variable change across nearly all major commercial product lines
Tampa, FL – December 4, 2017 – IVANS, a division of Applied Systems, today announced the results of November’s IVANS Index, the insurance industry’s premium renewal rate index. In November 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, Commercial Auto, Business Owners Policy, and Workers’ Compensation trended upwards, while the remaining lines of business demonstrated a decline in premium renewal rate change.
Premium renewal rate change by line of business for November includes:
- Commercial Auto: 3.24%, up from 3.10% at the end of October.
- BOP: 3.99%, up from 3.57% the month prior.
- General Liability: 1.66%, down from 1.79% at the end of October.
- Commercial Property: 2.78%, down from 2.83% the month prior.
- Umbrella: 1.19%, down from 1.34% at the end of October.
- Workers’ Compensation: -1.81%, up from -2.24% the month prior.
“The latest IVANS Index figures demonstrated continued variance month to month as they did in October’s findings, with premium renewal rate change across the industry remaining mainly positive,” said Matt Foran, vice president of IVANS Markets. “As we close in on year-end and renewal season, IVANS Index will provide guidance for agents advising clients on policy changes and insurers with market intelligence to 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 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.