IVANS Index February Results Released
Insurance industry premium renewal rate experiences positive change across nearly all major commercial product lines
Tampa, FL – March 6, 2018 – IVANS, a division of Applied Systems, today announced the results of February’s IVANS Index, the insurance industry’s premium renewal rate index. February results showed a positive change across nearly all major commercial lines except for Workers’ Compensation. Month over month, February experienced a downward shift in premium renewal rate change across the majority of commercial lines, except Commercial Auto and Commercial Property which experienced slight upticks.
Premium renewal rate change by line of business for January 2018 highlights include:
- Commercial Auto: 4.43%, up from 4.30% at the end of January. In 2018, Commercial Auto is the only line of business with increasing premium renewal rate change month-over-month.
- BOP: 3.80%, down from 3.91% the month prior.
- General Liability: 1.82%, down from 1.98% at the end of January.
- Commercial Property: 3.22%, up from 3.06% the month prior.
- Umbrella: 1.07%, down from 1.26% at the end of January.
- Workers’ Compensation: -3.61%, down from -1.01% the month prior.
“The start of 2018 continues to show positive momentum for premium renewal rate change, with Commercial Auto showing the most positive movement while Workers’ Compensation showed the most negative trending month over month,” said Brian Wood, vice president of IVANS Markets. “Month over month, IVANS Index continues to be leveraged by stakeholders across the insurance value chain and broader financial sectors to gain the greatest insights on pricing and overall health of the industry.”
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.