Commercial Lines Insurance Renewal Rates Continued Rising in July: IVANS
Insurance Journal, August 2017
In July 2017, premium renewal rate change for the majority of standard commercial lines products remain in positive territory. Workers’ compensation was the one product that trended negatively, dipping below -1.00 percent for the first time this year.
IVANS, a division of Applied Systems, released its IVANS Index for July showing the following premium renewal rate change by line of business for last month:
– Commercial Auto: 3.28%, up from 2.41% at the end of June.
– BOP: 3.65%, down from 4.11% the month prior.
– General Liability: 1.85%, down from 2.22% at the end of June.
– Commercial Property: 2.45%, down from 3.52% the month prior.
– Umbrella: 1.40%, up from 0.97% at the end of June.
– Workers’ Compensation: -1.41%, down from -0.86% the month prior.
“The latest IVANS Index figures show that premium renewal rate change across the industry remained consistent, with Commercial Auto and Umbrella premium renewal rate change experiencing the greatest positive increase while Workers Compensation continues to trend more negatively,” said Matt Foran, vice president of IVANS Markets.
The 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. It analyzes more than 120 million data transactions involving 30,000 agencies and 380 insurers and managing general agencies.
