IVANS Index July Results Released
Insurance industry premium renewal rate experiences negative change across nearly all major commercial product lines
Tampa, FL – Aug. 6, 2018 – IVANS, a division of Applied Systems, today announced the results of IVANS Index for the month of July, the insurance industry’s premium renewal rate index. Month over month, July experienced a downward shift in premium renewal rate change across the majority of commercial lines, except Commercial Auto and Umbrella which experienced slight positive change.
Premium renewal rate change by line of business for July 2018 highlights include:
- Commercial Auto: 4.51%, up from 4.38% at the end of June.
- BOP: 3.79%, down from 4.14% the month prior.
- General Liability: 2.21%, down from 2.35% at the end of last month.
- Commercial Property: 3.03%, down from 3.24% at the end of June.
- Umbrella: 1.65%, up from 1.46% the month prior.
- Workers’ Compensation: -3.41%, down from -1.84% at the end of June.
“The beginning of Q3 showcases a more negative rate change than we have seen in recent months across nearly all of the major commercial lines, with Workers’ Compensation seeing the greatest change in premium renewals,” said Brian Wood, vice president of IVANS Markets. “The IVANS Index continues to provide the industry’s only data-driven insights, highlighting the most profitable opportunities for agents and insurers.”
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
# # #
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.