IVANS Index October Results Released
November 06, 2018
Insurance industry premium renewal rate experiences continued positive increase across nearly all major commercial product lines
Tampa, FL – November 6, 2018 – IVANS, a division of Applied Systems, today announced the October results of the IVANS Index, the insurance industry’s premium renewal rate index. October results showed a continued increase in premium across nearly all major commercial lines, except Workers’ Compensation which experienced a slight negative downward shift.
Premium renewal rate change by line of business for October 2018 highlights include:
- Commercial Auto: 4.81%, up from 4.50% at the end of September.
- BOP: 4.08%, up from 3.57% last month.
- General Liability: 2.74%, up from 2.29% the month prior.
- Commercial Property: 3.51%, up from 3.46% in September.
- Umbrella: 2.20%, down from 2.30% the month prior.
- Workers’ Compensation: -3.20%, down from -2.69% last month.
“Year over year, premium renewal rates continue to trend positive across nearly all lines, with Workers’ Comp being the only commercial line that has remained negative for the year,” said Brian Wood, vice president of Data Products Group. “October’s IVANS Index demonstrates that Commercial Auto and Commercial Property continue to be among the most profitable lines of business.”
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 32,000 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 35 years, IVANS innovation and expertise has connected 32,000 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.