The Connected Business of Insurance
June 07, 2018
IVANS Index is a data-driven report of current conditions and trends for premium renewal rate change of the most placed commercial lines of business in the insurance industry. Data collected in the IVANS Index enables insurers to determine competitive rates and the most profitable lines of business for investment. To learn more about IVANS Index, read IVANS Index: Get Ahead of Renewal Pricing for Your Clients.
May Results Show Uptick Across Majority of Major Commercial Product Lines
The latest IVANS Index results for May 2018 showed that the majority of standard commercial lines products are trending positively, except Commercial Auto and Umbrella, which experienced a slight downward tick while still remaining in positive territory.
Highlights from the May 2018 results include:
- Commercial Auto: 4.04%, down from 4.54% at the end of April.
- BOP: 4.02%, up from 3.86% the month prior.
- General Liability: 2.37%, up from 2.16% at the end of last month.
- Commercial Property: 3.20%, up from 2.98% at the end of April.
- Umbrella: 1.54%, down from 2.31% the month prior.
- Workers’ Compensation: -2.71%, up from -2.93% at the end of April.
May’s IVANS Index figures show that premium rate change across the industry still remains steadily positive, with average variance from month to month across nearly all lines, except for Umbrella which experienced the most significant trend change. These numbers demonstrate that the Commercial Lines market remains hard and further provide guidance on the most profitable lines of business for both insurers and agents.
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.
For further insights into premium renewal rate change across the industry, download the full IVANS Index report now >
Brian Wood, Vice President of Data Products Group for IVANS, develops innovative and data-driven applications, tools and services for the insurance industry. Prior to this position, he co-founded EvoSure, which was acquired by Applied in Sept 2015. Brian spent 10 years with Marsh & McLennan as Senior Vice President of Strategy and Business Analysis where he developed global insurance distribution platforms. Brian began his career in insurance building the first company to bind insurance online, insuranceOrder.com (a Trilogy company) which was acquired by Marsh & McLennan in 2001.