Menu

Reinsurance News

IVANS reports softening in October premium rates

11th November 2020 - Author: Matt Sheehan

Most commercial lines premium renewal rates continued to show upward growth year-on-year, according to the October results of the IVANS Index, a division of Applied Systems.

rate-movementsHowever, compared to previous months this year, IVANS noted a slight softening of premium renewal averages in October.

For instance, Commercial Auto lines saw premium renewal rate increases of 4.43% last month, which was down from 5.08% in September.

BOP similarly experienced rate growth of 4.39%, a decrease from 4.89% previously, and Workers’ Compensation stay in negative territory at -2.78%, down from 2.07% in the prior month.

General Liability, on the other hand, saw continued upward rate momentum, with premium renewal rates up by 3.38% in October, compared to 3.25% in September.

The same was true for Commercial Property rates, which rose from 5.01% to 5.52%, and also for Umbrella lines, where premiums rate increases grew substantially from 2.78% to 3.78%.

“Year over year, the IVANS Index shows a continued rise for most commercial lines premium renewal rates while indicating some slight softening of premium renewal averages as compared to months prior,” said Kathy Hrach, vice president of Product Management, IVANS Insurance Services.

“With continued economic uncertainty and the ongoing pandemic, the IVANS Index will provide data-driven guidance for insurers as they determine pricing strategies in a hardening market.”

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.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Aston Lark acquires MS Amlin’s marine pleasure craft book of business

Chartered insurance broker Aston Lark has announced the acquisition of MS Amlin’s marine pleasure craft book of business. Haven was...

Close