Commercial Insurance Premium Increases Slowed in May: IVANS Index
June 04, 2020
May insurance premium increases slowed from the prior month, according to the IVANS Index, a monthly premium renewal rate index compiled by IVANS Insurance Services.
Premium rate renewal changes in May included the following.
- Commercial auto: 4.74 percent, down from 4.8 percent in April
- Businessowners policies: 5.06 percent, down from 5.22 percent in April
- General liability: 3.23 percent, down from 3.29 percent in April
- Commercial property: 5.13 percent, down from 5.51 percent in April
- Umbrella: 3.01 percent, down from 3.18 percent in April
- Workers compensation: -2.68 percent, down from -2.06 percent in April
Year-over-year, all lines except workers compensation saw an increase in average premium renewal rate in May, according to IVANS, a division of Applied Systems.
"The latest IVANS Index results show a continued steady pattern of year-over-year increases across most major lines," Brian Wood, vice president of Data Products Group, IVANS Insurance Services, said in a statement. "As the impact of COVID-19 and other environmental impacts unfold, we will continue to monitor premium changes closely and provide a data-driven view into the health of the insurance industry for both brokers and insurers."
The monthly IVANS Index analyzes more than 120 million data transactions to measure premium renewal rate change year-over-year across the US market.
June 04, 2020