IVANS Index Q2 2019 Results Released
July 11, 2019
Insurance industry premium renewal rate experiences year-over-year increase across nearly all major commercial lines products
Tampa, FL – July 11, 2019 – IVANS, a division of Applied Systems, today announced the results for Q2 2019 IVANS Index, the insurance industry’s premium renewal rate index. Year over year, Commercial Auto, Business Owner’s Policy, General Liability, Umbrella and Commercial Property all experienced increases in average premium renewal rate change; Workers’ Compensation remains in negative territory. Quarter over quarter, there was greater variability in average premium renewal rate change. General Liability and Commercial Property all experienced increases compared to Q1; however, Commercial Auto, Umbrella and Workers’ Compensation average premium renewal rate change dropped relative to the quarter prior. Business Owner’s Policy remained flat quarter over quarter.
Premium renewal rate change by line of business for Q2 2019 highlights includes:
- Commercial Auto: Premium renewal rate change averaged 4.33% for the quarter, with a quarter high in June at 4.39%.
- BOP: Quarter premium renewal rate change averaged 4.19%, and finished the quarter at 4.18% in June.
- General Liability: Q2 premium renewal rate change increased from Q1, averaging 2.29% change relative to 1.67% in Q1. The quarter premium renewal rate change reached its low of 2.18% in April.
- Commercial Property: Q2 premium renewal rate change increased to 3.92%, reaching a quarter high in June at 4.25%.
- Umbrella: Q2 premium renewal rate change averaged 2.59 versus 2.54% in Q1. Umbrella premium renewal rate change for the quarter reached its high in June at 2.66%.
- Workers’ Compensation: Average premium renewal rate change for the quarter reached -3.56%, down from Q1 average of -2.95%.
“From Q2 2018 to Q2 2019, we see the trend of most Commercial Lines increasing with the exception of Workers’ Compensation,” said Brian Wood, vice president of Data Products Group, IVANS Insurance. “These data driven insights are indicating that premium pricing in the market continues to harden, providing opportunity for greater profitability across certain lines of commercial business.”
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 Q2 2019 IVANS Index report here.
# # #
IVANS Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the IVANS Index.
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 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.
Ready to Learn More?
IVANS is ready to provide your business the advanced insurance software and solutions to digitally distribute and service products in new ways.