IVANS Index Q2 2018 Results Released
Insurance industry premium renewal rate change experiences variable change across nearly all major commercial lines products
Tampa, FL – July 10, 2018 –IVANS®, a division of Applied Systems®, today announced the second quarter results of IVANS Index®, the insurance industry’s premium renewal rate index. Q2 results showed a general uptick in premium renewal rate change across the commercial lines of business compared to Q1 2018, including Commercial Auto, General Liability, Commercial Property and Umbrella. There was no change in premium renewal rate change for BOP, and Workers’ Compensation remains the only line of business experiencing a negative rate change.
Premium renewal rate change by line of business for Q2 2018 highlights include:
- Commercial Auto: Premium renewal rate change averaged 4.32% for the quarter, ending at 4.38% for June.
- BOP: Quarter premium renewal rate change averaged 4.01%, representing no change over last quarter’s average of 4.00%. BOP premium renewal rate change finished the quarter at 4.14% in June.
- General Liability: The quarter premium renewal rate change reached 2.16% in April and ended the quarter in June at 2.35%.
- Commercial Property: Q2 premium renewal rate change experienced an increase quarter over quarter, with an average rate change of 3.14% as compared to 3.11% in Q1 2018.
- Umbrella: Q2 premium renewal rate change averaged 1.77% versus 1.49% in Q1 2018.
- Workers’ Compensation: Premium renewal rate change slightly decreased in Q2, averaging at -2.49% as compared to -2.47% in Q1 2018.
"The latest IVANS Index figures demonstrated slight variance quarter over quarter, with the most significant trend change occurring with General Liability and Umbrella," said Brian Wood, vice president of IVANS Markets. "As the second quarter comes to a close, the IVANS Index shows that the Commercial Lines market continues to harden, providing guidance for agents to advise their clients on policy changes and market intelligence for insurers to support pricing 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.
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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 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.