Insurance industry premium renewal rate change experiences uptick across majority of major commercial product lines
Tampa, FL, June 05, 2018 (GLOBE NEWSWIRE) — IVANS, a division of Applied Systems, today announced the results of IVANS Index for the month of May, the insurance industry’s premium renewal rate index. May results showed that the majority of standard commercial lines products are trending positively, except Commercial Auto and Umbrella, which experienced a slight downward tick while remaining in positive territory.
Premium renewal rate change by line of business for May 2018 highlights include:
- Commercial Auto: 4.04%, down from 4.54% at the end of April.
- BOP: 4.02%, up from 3.86% the month prior.
- General Liability: 2.37%, up from 2.16% at the end of last month.
- Commercial Property: 3.20%, up from 2.98% at the end of April.
- Umbrella: 1.54%, down from 2.31% the month prior.
- Workers’ Compensation: -2.71%, up from -2.93% at the end of April.
“The latest IVANS Index figures show that premium rate change across the industry remains steadily positive with average variance from month to month across nearly all lines, except for Umbrella which experienced the most significant trend change,” said Brian Wood, vice president of IVANS Markets. “This month’s IVANS Index demonstrates that the Commercial Lines market remains hard and further provides guidance on the most profitable lines of business for both insurers and agents.”
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 firstname.lastname@example.org