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IVANS Index: Premium Renewal Rate Change for October

November 9, 2017

Brian Wood By: Brian Wood

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.

October results show variable change across commercial product lines

The latest IVANS Index figures show that premium renewal rate change across the industry remained mostly positive through October, but demonstrated more variance month-to-month than prior months.

This month’s key findings include:

  • Commercial Auto: 3.10%, up from 2.55% at the end of September.
  • BOP: 3.57%, down from 3.87% the month prior.
  • General Liability: 1.79%, up from 1.70% at the end of June.
  • Commercial Property: 2.83%, up from 2.40% the month prior.
  • Umbrella: 1.34%, down from 1.45% at the end of June.
  • Workers’ Compensation: -2.24%, down from -1.31% the month prior.

Rate change for the majority of standard commercial lines products remained in positive territory, with Workers Compensation remaining in the negative as in previous months. Business Owners Policy (BOP) continues to trend downward, but still remains as the line of business with the highest premium renewal rate change. The results of the IVANS Index continue to provide guidance on the most profitable lines of business for both insurers and agents.

For further insights into premium renewal rate change across the industry, download the latest IVANS Index report now >

Brian Wood

Brian Wood

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, (a Trilogy company) which was acquired by Marsh & McLennan in 2001.