The November results of the IVANS Index, a division of Applied Systems, shows that year-over-year, all lines of business, with the exception of Workers’ Compensation, experienced an increase in average premium renewal rate.
Month-over-month, November experienced varying premium renewal rate change across most Commercial Lines products, with rises seen in General Liability, Commercial Property, Umbrella and Workers’ Compensation, while BOP saw negative movements.
By business line, and the IVANS Index results for the month of November shows that Commercial Auto experienced average premium renewal rate of 4.12%, down from 4.33% last month; BOP lines in November recorded average premium renewal rates of 4.42%, down from 4.54% at the end of October; General Liability 2.53%, which is up on the 2.49% posted in the month prior; Commercial Property 4.37%, up from 4.35% in October; Umbrella 2.65%, up from the 2.46% recorded in the month prior; and Workers’ Comp at -2.53%, versus -2.95% last month.
Brian Wood, Vice President of Data Products Group, IVANS Insurance Services, said: “From November 2018 to November 2019, we are seeing positive changes across nearly all commercial lines of business, with the most significant increase experienced by BOP.
“As year-end approaches, the IVANS Index will serve as a critical resource for agents during renewal discussions and for insurers making pricing decisions for 2020.”
In the third-quarter of 2019, average premium renewal rate changes increased across all lines of business, although Workers’ Compensation remained in negative territory.
The IVANS Index is released on a monthly basis as a data-driven report of current conditions and trends for premium rate renewal change of the most placed commercial lines of business across the insurance sector.