IVANS Index January Results Released
Insurance industry premium renewal rate experiences positive change across nearly all major commercial product lines
Tampa, FL – February 7, 2018 – IVANS, a division of Applied Systems, today announced the results of January’s IVANS Index, the insurance industry’s premium renewal rate index. January results showed a positive change across nearly all major commercial lines except for Workers’ Compensation. Compared to December 2017, January experienced a slight downward shift in premium renewal rate change across the majority of commercial lines, except Commercial Auto and Workers’ Compensation which experienced slight upticks.
Premium renewal rate change by line of business for January 2018 highlights include:
- Commercial Auto: 4.30%, up from 3.00% at the end of December.
- BOP: 3.91%, down from 3.99% the month prior.
- General Liability: 1.98%, down from 2.13% at the end of December.
- Commercial Property: 3.06%, down from 3.13% the month prior.
- Umbrella: 1. 26%, down from 1.49% at the end of December.
- Workers’ Compensation: -1.01%, up from -2.92% the month prior.
“The end of 2017 demonstrated significant premium rate changes for most insurers in the U.S.,” said Brian Wood, vice president of IVANS Markets. “The start of 2018 has shown continued positive momentum for premium renewal rate change, with Commercial Auto and Worker’s Compensation showing the most significant movement month over month.”
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.