May IVANS Index Shows Positive Results
Premium renewal rate up year-over-year across all major commercial product lines
Tampa, FL – June 1, 2017 – IVANS, a division of Applied Systems, today announced the results of the May IVANS Index, the industry’s premium renewal rate index. May 2017 marks the first time in several months that all major commercial product lines are in positive territory. Notably, this month is the first time in 2017 that Workers Compensation has moved into positive premium renewal rate change territory.
Premium renewal rate change by line of business for May includes:
- Commercial Auto: 2.66%, up from 2.65% at the end of April.
- Business Owner’s Policy (BOP): 4.49%, up from 4.02% the month prior.
- General Liability: 1.46%, down from 2.02% at the end of April.
- Commercial Property: 2.78%, down from 2.95% the month prior.
- Umbrella: 0.81%, down from 1.04% at the end of April.
- Workers’ Compensation: 0.58%, up from -0.19% the month prior.
“Premium renewal rate change across the industry remained consistent, with significant year-over-year change being experienced in Business Owner’s Policy, General Liability and Workers Compensation,” said Matt Foran, vice president of IVANS Markets. “In an industry driven by data, IVANS Index provides the only real data-backed insights on premium renewal rate change, ensuring agencies, insurers and MGAs can manage renewals and pricing strategies based on firm data versus anecdotal feedback provided in other industry surveys.”
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 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.
Download the complete Q1 2017 IVANS Index report here.