Majority of commercial lines of business remain up year-over-year, while most average premium renewal rates decrease compared to January 2022
UNIVERSITY PARK, Ill., March 10, 2022 (GLOBE NEWSWIRE) — IVANS® today announced the February 2022 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 increased for lines of business including Business Owners’ Policy (BOP) and Workers’ Compensation. Commercial Auto, General Liability, Commercial Property and Umbrella experienced decreasing average premium renewal rates.
Premium renewal rate change by line of business for February 2022 highlights include:
- Commercial Auto: 4.06%, down from 4.13% last month.
- BOP: 5.41%, up from 5.28% at the end of December.
- General Liability: 4.11%, down from 4.23% the month prior.
- Commercial Property: 6.01%, down from 6.17% in December.
- Umbrella: 4.68%, down from 5.58% the month prior.
- Workers’ Compensation: -0.95%, up from -1.26% last month.
“After seeing a rare dip in premium renewal rates last month for most of the major commercial lines, month-over-month trends have rebounded for most lines with the exception of Commercial Auto and General Liability which continue to decrease,” said Kathy Hrach, vice president of Product Management, IVANS Insurance Services. “Year-over-year, Workers’ Compensation continues to be the only major commercial line of business below zero, continuing a trend that has been happening for years.”
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 Year-End and Q4 2021 IVANS Index report here.
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About IVANS
IVANS 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
