The IVANS Index has released its January 2021 Results
Year over year, all major commercial lines, excluding Workers’ Compensation, have seen an increase in their average premium renewal rates according to the January 2021 Results of the IVANS index. Month to Month, however, premium renewal rates are seeing more fluctuation. For example, premium renewal rates for lines of business including General Liability, Umbrella and Workers’ Compensation saw upticks in renewal rates versus Commercial Auto, BOP and Commercial Property which saw a decreases in premium renewal rates.
“Year over year, premium renewal rates continued to climb in January across nearly all major commercial lines of business, except Workers’ Compensation,” said Kathy Hrach, vice president of Product Management, IVANS Insurance Services. “We are seeing the rate change for General Liability steadily increase month over month, while Commercial Auto has fluctuated each month, ending this month with a downtick in premium renewal rate change as compared to the end of year 2020.”
A snapshot of January 2021 highlights
The following are data points the IVANS Index highlighted:
- Commercial Auto: 4.45%, down from 5.03% last month.
- BOP: 4.46%, down from 4.64% at the end of December.
- General Liability: 3.69%, up from 3.59% the month prior.
- Commercial Property: 5.63%, down from 5.68% in December.
- Umbrella: 4.29%, up from 3.79% the month prior.
- Workers’ Compensation: -1.02%, up from -1.7% last month.
Released monthly, the IVANS Index is a monthly premium renewal rate index measures the rate of premium renewal rates month over month for all the major lines of business including General Liability, Commercial Auto, BOP, Commercial Property, Umbrella, and Workers’ Compensation. According to the company, it analyses more than 120 million data transactions in order to measure the rate changes occurring in more than 33,000 agencies and 430 insurers and MGAS, permitting it to compile a premium rate change reflective of what is being experienced by agencies and insurers across the country.
The complete Q4 and 2020 Year-End IVANs Index report can be downloaded here. Note that you will have to fill out a form and enter your email in order to access it.
More about IVANS
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. IVANS innovation and expertise connects 33,000 independent insurance agencies and 430 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.
