IVANS Releases Premium Renewal Rate Change Index for August
Premium renewal rate change experiences positive uplift across nearly all major commercial product lines
Tampa, FL – September 6, 2017 – IVANS, a division of Applied Systems, today announced the results of August’s IVANS Index, the industry’s premium renewal rate index. In August 2017, premium renewal rate change for the majority of standard commercial lines products remain in positive territory. Workers Compensation is the one product that remains in the negative premium renewal rate. Month-to-month, Commercial Auto and General Liability were the only two lines of business that experienced a slight downward tick while remaining in positive territory.
Premium renewal rate change by line of business for August includes:
- Commercial Auto: 3.17%, down from 3.28% at the end of June.
- BOP: 3.85%, up from 3.65% the month prior.
- General Liability: 1.68%, down from 1.85% at the end of June.
- Commercial Property: 2.59%, up from 2.45% the month prior.
- Umbrella: 1.56%, up from 1.40% at the end of June.
- Workers’ Compensation: -0.83%, down from -1.41% the month prior.
“The latest IVANS Index figures show that premium renewal rate change across the industry remained consistent, with limited variance month-to-month variation,” said Matt Foran, vice president of IVANS Markets. “IVANS Index continues to showcase the strong state of the insurance industry and the most profitable opportunities for both insurers and agents alike.”
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.