Premium renewal rate change remains positive across nearly all major commercial product lines; Workers’ Compensation reaches lowest premium renewal rate change of 2017
Tampa, FL (Aug. 2, 2017) – IVANS, a division of Applied Systems, today announced the results of July’s IVANS Index, the industry’s premium renewal rate index. In July 2017, premium renewal rate change for the majority of standard commercial lines products, including Auto, Business Owner’s Policy (BOP), General Liability, Property and Umbrella, remain in positive territory. Workers Compensation is the one product that remains in the negative premium renewal rate, dipped below -1.00% for the first time this year.
Premium renewal rate change by line of business for July includes:
- Commercial Auto: 3.28%, up from 2.41% at the end of June.
- BOP: 3.65%, down from 4.11% the month prior.
- General Liability: 1.85%, down from 2.22% at the end of June.
- Commercial Property: 2.45%, down from 3.52% the month prior.
- Umbrella: 1.40%, up from 0.97% at the end of June.
- Workers’ Compensation: -1.41%, down from -0.86% the month prior.
“The latest IVANS Index figures show that premium renewal rate change across the industry remained consistent, with Commercial Auto and Umbrella premium renewal rate change experiencing the greatest positive increase while Workers Compensation continues to trend more negatively,” said Matt Foran, vice president of IVANS Markets. “IVANS Index continues to lead the industry in providing data on expected premium renewal rates, providing insurers and agencies insights for their pricing and customer service models.”
These market insights further enable agencies to provide their clients with advice on expected renewal rates, as well as support insurer and MGA’s pricing and product strategies.”
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.
Download the complete Q2 2017 IVANS Index report here.
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.
Source: IVANSTags: IVANS, Premium Renewal, Rate Change