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"IVANS Index" Reveals Rising Commercial Lines Premiums in April

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May 04, 2017

IVANS, a division of Applied Systems, recently announced the results of April’s IVANS Index: Premium Renewal Rate Index report. In April 2017, the premium renewal rate change for the majority of standard commercial insurance lines, including auto, business owner's policy (BOP), general liability, property, and umbrella, remains in positive territory, where it has been for at least 6 months. Workers compensation insurance, which is the one product that remains in the negative premium renewal rate, did experience a slight positive uptick from the month prior.

Premium renewal rate change by line of business for April includes the following.

  • Commercial auto: 2.65 percent, up from 2.61 percent at the end of March

  • BOP: 4.02 percent, up from 3.86 percent the month prior

  • General liability: 2.02 percent, down from 2.04 percent at the end of March

  • Commercial property: 2.95 percent, up from 2.41 percent the month prior

  • Umbrella: 1.04 percent, down from 1.37 percent at the end of March

  • Workers compensation: -0.19 percent, up from -0.25 percent the month prior

“Our Index indicates that premium renewal rate change across the industry remained consistent, with the greatest year-over-year change being experienced in businessowners policy and commercial property,” said Matt Foran, vice president of IVANS Markets.

Released on a monthly basis, the 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. Leveraging 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 US insurance market. 

To derive the change in cost, IVANS uses policies that have the same insured, insurer, product type, policy number, expiration date, effective date, and producing agency. For example, if an insured paid $1,000 for a policy last year and $1,023 this year, IVANS Index would state that as a premium renewal rate change of 2.3 percent. IVANS Index does not use exposure base change or claims experience. Policies with anomaly exposure changes or claims experience are removed.

Download the complete Q1 2017 IVANS Index report.

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