IVANS Index July 2020 Results Released
August 05, 2020
Average premium renewal rates experience variable change across all major commercial lines month over month
TAMPA, Fl. – August 5, 2020 – IVANS®, a division of Applied Systems®, today announced the July results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, all lines of business saw an increase in average premium renewal rate, except Workers’ Compensation, which experienced a negative change in premium. Month over month, July premium renewal rates experienced a positive change across Commercial Auto, General Liability and Commercial Property; BOP, Umbrella and Workers’ Compensations experienced negative changes.
Premium renewal rate change by line of business for July 2020 highlights include:
- Commercial Auto: 5.1%, up from 4.63% last month.
- BOP: 4.38%, down from 4.64% at the end of June.
- General Liability: 3.45%, up from 3.36% the month prior.
- Commercial Property: 5.42%, up from 5.23% in June.
- Umbrella: 3.23%, down from 3.56% the month prior.
- Workers’ Compensation: -2.66%, down from -2.49% last month.
“Year over year, we continue to see the commercial lines premium renewal rates on the rise, with the exception of Workers’ Compensation,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services. “The data insights of the IVANS Index continues to demonstrate a hardening market and acts as further evidence of insurers taking rate to mitigate potential loss.”
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 IVANS Index report here.
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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.
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