TAMPA, Fla., Feb. 05, 2020 (GLOBE NEWSWIRE) — IVANS®, a division of Applied Systems®, today announced the January results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business experienced an increase in average premium renewal rate, except Workers’ Compensation, which saw a negative turn. Month over month, January premium renewal rates experienced variable change across the majority of the Commercial Lines products, with upticks for General Liability, Commercial Property, Umbrella and Workers’ Compensation. Commercial Auto and BOP saw negative changes.
Premium renewal rate change by line of business for January 2020 highlights include:
- Commercial Auto: 4.09%, down from 5.12% last month.
- BOP: 4.4%, down from 4.75% at the end of December.
- General Liability: 3.02%, up from 2.78% the month prior.
- Commercial Property: 4.86%, up from 4.65 in December.
- Umbrella: 3.08%, up from 2.71% the month prior.
- Workers’ Compensation: -1.63%, up from -3.05% last month.
“As we kick off 2020, we continue to see the broad trend of increases in year over year premium renewal rate changes for major commercial lines, including Workers’ Compensation which had a significant uptick relative to prior months,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services. “The IVANS Index continues to give guidance on pricing for insurers to drive the most profitable premium while enabling agencies to inform insureds on expected renewal rates.”
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 400 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.
Download the complete Q4 IVANS Index report here.
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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 430 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.
Lauren Malcolm Applied Systems [email protected]