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IVANS: Some Commercial Lines Products Show Renewal Rate Increase

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August 15, 2019

IVANS announced the IVANS Index: Premium Renewal Rate Index July 2019 results. Month over month, July experienced a downtick in premium renewal rate change across half of the commercial lines products, including commercial auto, general liability, and commercial property. Businessowners policy, umbrella, and workers compensation experienced slight positive changes in July.

Premium renewal rate change by line of business for July 2019 highlights include the following.

  • Commercial Auto: 4.03 percent, down from 4.39 percent the month prior.
  • Businessowners Policy: 4.28 percent, up from 4.18 percent at the end of June.
  • General Liability: 2.20 percent, down from 2.22 percent the month prior.
  • Commercial Property:  4.12 percent, down from 4.25 percent in June.
  • Umbrella: 2.72 percent, up from 2.66 percent the month prior.
  • Workers Compensation: -3.05 percent, up from -3.06 percent at the end of June.

"Year over year, most commercial product lines showcase an increase in renewal rate change, with umbrella seeing the greatest uptick," said Brian Wood, vice president of Data Products Group, IVANS Insurance Services.

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 32,000 agencies and 400 insurers and managing general agents, and it 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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