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Tampa, FL, April 05, 2018 -- IVANS, a division of Applied Systems, today announced the results of 2018 Q1 IVANS Index, the insurance industry’s premium renewal rate index.
Q1 results showed a positive uptick in premium renewal rate change average across nearly all lines of commercial business, including Commercial Auto, Business Owner’s Policy, Commercial Property, Umbrella, and General Liability compared to Q4 2017; however, Workers’ Compensation demonstrated slightly negative premium renewal rate change during the quarter.
Premium renewal rate change by line of business for Q1 includes:
- Commercial Auto: Premium renewal rate change averaged 4.20% for Q1, ending at 3.87% in March.
- BOP: Quarter premium renewal rate change averaged 4.00%, representing an increase over last quarter’s average of 3.85%. BOP renewal rate change finished March at 4.29%.
- General Liability: Q1 premium renewal rate change experienced an uptick at 2.01% compared to Q4 which averaged 1.86%. General Liability renewal rate reached 2.24% at the end of March.
- Commercial Property: Q1 premium renewal rate change increased quarter-over-quarter, with an average rate change of 3.11% as compared to 2.91% in Q4 of last year.
- Umbrella: Quarter premium renewal rate change spiked in March, finishing the quarter at 2.13% and increasing the Q1 average to 1.49% from 1.34% in Q4.
- Workers’ Compensation: Premium renewal rate change dipped again in Q1, averaging at -2.47% as compared to -2.32% in Q4.
“Quarter-over-quarter, premium renewal rate change continues to show significant positive momentum across the majority of commercial lines,” said Brian Wood, vice president of IVANS Markets. “The IVANS Index continues to serve as a product and pricing tool for our insurer customers and provides the industry’s only data-driven insights for our agencies as they provided customers’ renewal guidance.”
Released on a monthly basis, 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. Inclusive of 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 U.S. insurance market. IVANS Index is available to agencies and insurers as part of Market Insights at markets.ivansinsurance.com.
Download the complete IVANS Index report here.
About IVANS
IVANS, a division of Applied Systems, is the insurance industry’s exchange connecting insurers, MGAs, agencies, and the insured. IVANS cloud-based software automates the distribution and servicing of insurance products. For more than 30 years, IVANS innovation and expertise has connected 30,000 independent insurance agencies and 380 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.
Lauren Malcolm Applied Systems [email protected]
