IVANS Index February 2019 Results Released
Premium renewal rate experiences positive changes year over year across all major commercial lines of business
Tampa, FL – March 5, 2019 – 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, February results showed an increase in premium renewal rate change across all major commercial lines of business, except Workers’ Compensation. Month to month, results showed an uptick in premium renewal rate change across Commercial Auto, General Liability, Commercial Property and Umbrella; conversely, BOP, and Workers’ Compensation experienced a negative rate change month over month.
Premium renewal rate change by line of business for February 2019 highlights include:
- Commercial Auto: 4.61%, up from 4.57% the month prior.
- BOP: 3.94%, down from 4.23% in January.
- General Liability: 1.81%, up from 1.16% last month.
- Commercial Property: 4.58%, up from 3.74% at the end of January.
- Umbrella: 3.06%, up from 2.17% in January.
- Workers’ Compensation: -3.38, down -1.04% the month prior.
“The latest IVANS Index figures showed a slight variance, with the most significant trend changes occurring with Umbrella and Workers’ Compensation month over month,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Solutions. “The IVANS Index will continue to provide guidance to agents as they advise clients on premium changes at renewal and to insurers as they evaluate which lines of business to actively compete in.”
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.
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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 400 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.