IVANS Releases Premium Renewal Rate Change for April
IVANS Index provides industry’s only data-driven insights into premium renewal rate change
Tampa, FL – May 3, 2017 – IVANS, a division of Applied Systems, today announced the results of April’s IVANS Index, the industry’s premium renewal rate index. In April 2017, premium renewal rate change for the majority of standard commercial lines products, including Auto, BOP, General Liability, Property and Umbrella, remain in positive territory. Workers Compensation, which is the one product that remains in the negative premium renewal rate, did experience a slight positive uptick from the month prior.
Premium renewal rate change by line of business for April includes:
- Commercial Auto: 2.65%, up from 2.61% at the end of March.
- Business Owner’s Policy (BOP): 4.02%, up from 3.86% the month prior.
- General Liability: 2.02%, down from 2.04% at the end of March.
- Commercial Property: 2.95%, up from 2.41% the month prior.
- Umbrella: 1.04%, down from 1.37% at the end of March.
- Workers’ Compensation: -0.19%, up from -0.25% the month prior.
“Our Index indicates that premium renewal rate change across the industry remained consistent, with the greatest year-over-year change being experienced in Business Owner’s Policy and Commercial Property,” said Matt Foran, vice president of IVANS Markets. “These market insights further enable agencies to provide their clients with advice on expected renewal rates, as well as support insurer and MGA’s pricing and product 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. Leveraging more than 30,000 agencies and 380 insurer 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 property and casualty 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.