IVANS Index April 2020 Results Released
May 11, 2020
Average premium renewal rates experience uptick across nearly all major commercial lines
TAMPA, Fla. – May 11, 2020 – IVANS®, a division of Applied Systems®, today announced the April results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, all lines of business experienced an increase in average premium renewal rate, except Workers’ Compensation, which saw a decrease in premium. Month over month, April premium renewal rates experienced a positive change across the majority of the Commercial Lines products, including Commercial Auto, BOP, General Liability and Commercial Property. Umbrella and Worker’s Compensation saw negative changes.
Premium renewal rate change by line of business for April 2020 highlights include:
- Commercial Auto: 4.8%, up from 4.75% last month.
- BOP: 5.22%, up from 4.85% at the end of March.
- General Liability: 3.29%, up from 3.18% the month prior.
- Commercial Property: 5.51%, up from 5.28% in March.
- Umbrella: 3.18%, down from 3.22% the month prior.
- Workers’ Compensation: -2.06%, down from -1.96% last month.
“The IVANS Index currently shows slight increases in premium renewal rates across nearly all major commercial lines of business, responding to changing market dynamics,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services. “As the pandemic changes the way the world does business, we will continually watch the numbers closely to see how changing market dynamics will impact the health of the industry.”
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 Q1 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.