Average premium renewal rates continue to fluctuate across major commercial lines month over month, majority up year over year
TAMPA, Fla., Sept. 09, 2021 (GLOBE NEWSWIRE) — IVANS Insurance Solutions® today announced the August 2021 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, premium renewal rates rose for lines of business including BOP, General Liability, Umbrella and Workers’ Compensation while Commercial Auto and Commercial Property decreased.
Premium renewal rate change by line of business for August 2021 highlights include:
- Commercial Auto: 4.06%, down from 4.19% last month.
- BOP: 5.10%, up from 4.87% at the end of July.
- General Liability: 4.20%, up from 4.17% the month prior.
- Commercial Property: 5.62%, down from 5.80% in July.
- Umbrella: 4.88%, up from 4.73% the month prior.
- Workers’ Compensation: -1.46%, up from -1.93% last month.
“The August results of the IVANS Index show that average premium renewal rates continue to experience some movement month over month,” said Kathy Hrach, vice president of Product Management, IVANS Insurance Services. “Year over year, the premium renewal rates continue to climb, which is consistent with macroeconomic inflationary trends, and we expect it to continue to be an indicator on the health of the industry.”
Released monthly, 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 33,000 agencies and 430 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 Q2 2021 IVANS Index report here.
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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. IVANS innovation and expertise connects 33,000 independent insurance agencies and 430 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.
CONTACT: Lauren Malcolm IVANS Insurance Solutions 4048420055 lmalcolm@appliedsystems.com
