Insurance industry premium renewal rate change experiences uptick in nearly all major commercial lines products
Tampa, FL, Oct. 11, 2018 (GLOBE NEWSWIRE) — IVANS, a division of Applied Systems, today announced the third quarter results of IVANS Index, the insurance industry’s premium renewal rate index. Q3 results showcased an increase in premium renewal rate change across nearly all of the commercial lines of business compared to the second quarter, except for BOP and Workers’ Compensation which experienced a decrease in rate change.
Premium renewal rate change by line of business for Q3 2018 highlights include:
- Commercial Auto: The third quarter premium renewal rate change increased with an average of 4.48%, ending at 4.50% for September.
- BOP: Quarter premium renewal rate change averaged 3.77%, representing a decrease compared to last quarter’s average of 4.00%, and finished at 3.57% in September.
- General Liability: Q3 premium renewal rate change increased to 2.35% and ended the quarter in September at 2.29%.
- Commercial Property: Premium renewal rate change experienced an increase quarter over quarter, with an average rate change of 3.34% in Q3 and ended at 4.36% in September.
- Umbrella: The third quarter premium renewal rate change averaged 1.93% versus 1.77% in Q2 2018. September premium renewal rate change finished at 2.30%.
- Workers’ Compensation: Q3 showcased a decrease in premium renewal rate change, averaging at -2.76% as compared to -2.49% in Q2 2018.
“As the vast array of pricing drivers, including tariffs, storm losses, etc., play a part in the very dynamic nature of insurance pricing, the latest figures for the IVANS Index show a slight increase quarter over quarter and demonstrate a general hardening of the Commercial Lines market,” said Brian Wood, vice president of IVANS Markets, IVANS Insurance Solutions. “The IVANS Index continues to provide insights into overall health of the industry and most profitable opportunities for both 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.
Download the complete IVANS Index report here.
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.
CONTACT: Lauren Malcolm Applied Systems email@example.com