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IVANS October: Increased Variance in Commercial Lines Rate Change

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November 03, 2017

IVANS, a division of Applied Systems, has announced the results of October's IVANS Index: Premium Renewal Rate Index. In October 2017, premium renewal rate change for the majority of standard commercial lines products remains in positive territory, with workers compensation remaining in the negative for premium renewal rate change. From month to month, businessowners policy (BOP) continues to trend downward but remains as the line of business with the highest premium renewal rate change.

The premium renewal rate change by line of business for October includes the following.

  • Commercial auto: 3.10 percent, up from 2.55 percent at the end of September

  • BOP: 3.57 percent, down from 3.87 percent the month prior

  • General liability: 1.79 percent, up from 1.70 percent at the end of June

  • Commercial property: 2.83 percent, up from 2.40 percent the month prior

  • Umbrella: 1.34 percent, down from 1.45 percent at the end of June

  • Workers compensation: -2.24 percent, down from -1.31 percent the month prior

"The latest IVANS Index figures show that premium renewal rate change across the industry remained mainly positive, but demonstrated more variance month-to-month than prior months," said Matt Foran, vice president of IVANS Markets. "IVANS Index continues to provide guidance on the most profitable lines of business for both insurers and agents."

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.

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