Tampa, Fl. (PRWEB) April 05, 2017
IVANS, a division of Applied Systems, today announced IVANS Index, the industry’s premium renewal rate index. Released on a monthly basis, IVANS Index measures projected premium renewal rate change against industry averages. The market insights enable agencies to provide their clients with advice on expected renewal rates, as well as enable insurers and MGAs to utilize data to determine competitive rates and the most profitable lines of business for investment.
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. Leveraging more than 30,000 agencies and 380 insurer 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.
In Q1 2017, premium renewal rate change for the majority of standard commercial lines products, including Auto, BOP, General Liability, Property and Umbrella remain in positive territory. Workers Compensation is the one product that continues to maintain a negative premium renewal rate. Notable findings by line of business include:
- Commercial Auto: Premium renewal rate change averaged 2.71% for the quarter, ending at 2.61% for March; renewals have held steady above 2.5% and below 3.0% for the quarter.
- Business Owner’s Policy (BOP): Quarter premium renewal rate change averaged at 3.89%, ending at 3.86% for March; quarter-over-quarter change remained flat.
- General Liability: Each month of Q1 demonstrated a consistent premium renewal rate change average, with 2.07% for January, 2.02% for February and 2.02% for March.
- Property: After reaching a premium renewal rate change of 2.71% at the end of 2016, renewal rate change fell in Q1 to an average of 2.66%.
- Umbrella: Premium renewal rate change reached 1.37% in March versus an average of 0.87% experienced between January and February.
- Workers’ Compensation: The only soft market with negative premium renewal rate change, averaging -0.48% for the quarter.
“IVANS Index is the only metric in the industry leveraging 120 million real-world insurance transactions to provide key stakeholders the information they need to provide trusted advice and guidance to the end insured,” said Matt Foran, vice president of IVANS Markets. “In addition, IVANS Index enables the insurance ecosystem to evaluate effectively which lines of business have the greatest opportunity for profitable growth.”
Download the complete Q1 2017 IVANS Index report here.
IVANS, a division of Applied Systems, is the property and casualty insurance industry’s exchange connecting insurers, MGAs, agencies, and the insured. IVANS cloud-based software automates the distribution and servicing of insurance products. For more than 30 years, IVANS innovation and expertise has connected 30,000 independent insurance agencies and 380 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.