Ivans Index August 2023 Results Released
September 07, 2023
Hard market rates continue with average premium renewal rates for most major commercial lines of business up year over year and month over month.
Milwaukee, WI. – September 7, 2023 - Ivans® today announced the August 2023 results of the Ivans Index™, the insurance industry’s premium renewal rate index. Year over year, Commercial Auto, BOP, General Liability, Commercial Property and Umbrella experienced increasing average premium renewal rates, while premium renewal rates decreased for Workers’ Compensation. Month over month, Commercial Auto, BOP, General Liability, Commercial Property and Umbrella experienced increases in premium renewal rate change, while Workers’ Compensation saw a decrease.
Premium renewal rate change by line of business for August 2023 highlights include:
- Commercial Auto: 7.01%, up from 6.62% last month.
- BOP: 7.84%, up from 7.82%, at the end of July.
- General Liability: 5.61%, up from 5.37% the month prior.
- Commercial Property: 10.56%, up from 9.74% in July.
- Umbrella: 5.76%, up from 4.9% the month prior.
- Workers’ Compensation: -1.07%, down from -0.52% last month.
Released monthly, 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 34,000 agencies and 450 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 is where insurance carriers, agents, and MGAs come together to grow their businesses. Every day, our 34,000 agents and 450 carrier partners plug into technology that empowers them to better determine appetite and eligibility, swiftly produce quotes, get accurate claims and commission updates, automatically communicate policy data, and connect to one another to drive new business. With easier ways to get the day’s work done, insurance professionals can open the door to more revenue without letting complexity in behind it.