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IVANS August: Commercial Auto and General Liability Rates Slightly Down

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September 19, 2017

IVANS, a division of Applied Systems, has announced the results of August's IVANS Index: Premium Renewal Rate Index. In August 2017, premium renewal rate change for the majority of standard commercial lines products remained in positive territory. Workers compensation is the one product that continues to have a negative premium renewal rate. Month to month, commercial auto and general liability were the only two lines of business that experienced a slight downward tick while remaining in positive territory.

Premium renewal rate change for August, by line of business, included the following.

  • Commercial auto: 3.17 percent, down from 3.28 percent at the end of June

  • Businessowners policies: 3.85 percent, up from 3.65 percent the month prior

  • General liability: 1.68 percent, down from 1.85 percent at the end of June

  • Commercial property: 2.59 percent, up from 2.45 percent the month prior

  • Umbrella: 1.56 percent, up from 1.40 percent at the end of June

  • Workers compensation: -0.83 percent, up from -1.41 percent the month prior

"The latest IVANS Index figures show that premium renewal rate change across the industry remained consistent, with limited variance month-to-month variation," said Matt Foran, vice president of IVANS Markets. "IVANS Index continues to showcase the strong state of the insurance industry and the most profitable opportunities for both insurers and agents alike."

IVANS Index, released monthly, is a data-driven report on conditions and trends for premium rate renewal change of the most-placed commercial lines of business in the insurance industry. Based on analysis of 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. It includes more than 30,000 agencies and 380 insurers and managing general agents, and reflects premium rate change trends experienced by all agencies and insurers across the US insurance market. IVANS Index is available to agencies and insurers as part of IVANS's "Market Insights."

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 there is a premium renewal rate change of 2.3 percent. IVANS Index does not use exposure base change or claims experience. Policies with anomalous exposure changes or claims experience are removed.

For previous IVANS Index results, read the articles "Positive Commercial Lines Premiums Continue in July, According to IVANS," "June IVANS Index Shows Commercial Lines Premiums Remain Up, Workers Comp Moves into Negative Territory," "The May IVANS Index Shows Positive Commercial Lines Premiums," and "IVANS Index Reveals Rising Commercial Lines Premiums in April."

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