Average premium renewal rates experience positive change month to month across most major commercial lines
TAMPA, Fla., March 04, 2020 (GLOBE NEWSWIRE) — IVANS®, a division of Applied Systems®, today announced the February 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 maintained its negative trend. Month over month, February saw the greatest average premium renewal rate increases in Commercial Auto and Commercial Property; Umbrella experienced the most significant downward trend form the month prior.
Premium renewal rate change by line of business for February 2020 highlights include:
- Commercial Auto: 5.58%, up from 4.09% last month.
- BOP: 4.69%, up from 4.4% at the end of January.
- General Liability: 3.04%, up slightly from 3.02% the month prior.
- Commercial Property: 5.28%, up from 4.86% in January.
- Umbrella: 2.89%, down from 3.08% the month prior.
- Workers’ Compensation: -1.85%, down from -1.63% last month.
“Month over month, our data shows that average premium renewal rates continue to rise across major commercial lines, reflecting both in the data as well as the daily experiences of our agency and carrier partners,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services. “The IVANS Index continues to bring the intelligence insurers need to guide pricing strategies and for agencies to deliver more data-backed guidance to their customers regarding 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.
CONTACT: Lauren Malcolm Applied Systems [email protected]