The Connected Business of Insurance
December 08, 2017
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.
Premium Renewal Rate for November Experienced Variable Change Across Nearly All Major Commercial Lines
IVANS index November results show the majority of standard commercial lines products remain in positive territory, with Workers’ Compensation remaining in negative for premium renewal rate change. Month to month, Commercial Auto, Business Owners Policy, and Workers’ Compensation trended upwards, while the remaining lines of business demonstrated a decline in premium renewal rate change.
This month’s key findings include:
- Commercial Auto: 3.24%, up from 3.10% at the end of October.
- BOP: 3.99%, up from 3.57% the month prior.
- General Liability: 1.66%, down from 1.79% at the end of October.
- Commercial Property: 2.78%, down from 2.83% the month prior.
- Umbrella: 1.19%, down from 1.34% at the end of October.
- Workers’ Compensation: -1.81%, up from -2.24% the month prior.
The latest IVANS Index figures continue to demonstrate variance month to month, as they did in October’s findings, with premium renewal rate change across the industry remaining mainly positive. As it closes in on year-end and renewal season, IVANS Index will provide guidance for agents advising clients on policy changes and insurers with market intelligence to support pricing strategies.
Matt Foran, VP and general manager of IVANS Market Appetite, a division of Applied Systems, is responsible for the creation and strategic execution of the cutting edge distribution platform built for the commercial insurance industry. Prior to his current role, Matt was the CEO of EvoSure, which was acquired by Applied Systems in September 2015. Before co-founding EvoSure, Matt was the director of strategy for Zurich Specialty Products, a $2.5 billion business unit of Zurich Insurance Group, where he worked closely with the CEO and Senior Management to set overall strategic direction, develop and execute financial and operational plans, and lead execution of strategic initiatives. Previously, Matt served as assistant vice president of Marsh USA, with responsibilities including the initial formation of the Marsh & McLennan Agency, the Marsh Select Model, the restructuring of Marsh USA, and was a broker for healthcare and Fortune 500 firms. Matt was selected as a Global Rising Star by Reactions Magazine in 2011 and named in Insurance Business America magazine’s Hot 100 list for 2015.