July 2020 saw a positive change across almost all of the major business lines of insurance’s premium renewal rates according to the latest IVANS Index.
“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.”
A snapshot of this month’s trends…
- Commercial Auto: 5.1%, up from 4.63% last month.
- BOP: 38%, down from 4.64% at the end of June.
- General Liability: 45%, up from 3.36% the month prior.
- Commercial Property: 42%, up from 5.23% in June.
- Umbrella: 23%, down from 3.56% the month prior.
- Workers’ Compensation: -2.66%, down from -2.49% last month.
The Ivans Index updates the premium renewal rate for the six major business insurance lines
Each month, IVANS, a division of Applied Systems, analyzes the current trends in the premium renewal rate changes across the most-place commercial lines of insurance business, namely: Commercial Auto, General Liability, Commercial Property, BOP, Umbrella and Workers’ Compensation.
In order to compile this historic data, the company analyzes approximately 120 million data transactions, measuring 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.
