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The Soft Market Growing Harder? Maybe Says IVANS

Posted By Administration, Monday, June 12, 2017

The IVANS May Index says things are getting better for commercial insurance. If you don’t know the IVANS index keeps tabs on premium renewal rates. IVANS said for the first time in several months all major commercial products are seeing positive results.

IVANS Markets’ Mark Foran said, “Premium renewal rate change across the industry remained consistent, with significant year-over-year change being experienced in Business Owner’s Policy, General Liability and Workers Compensation. In an industry driven by data, IVANS Index provides the only real data-backed insights on premium renewal rate change, ensuring agencies, insurers and MGAs can manage renewals and pricing strategies based on firm data versus anecdotal feedback provided in other industry surveys.”

These are the percentage changes:

  Commercial Auto — up 1-point to 2.66% from 2.65%

  Business Owner’s Policy (BOP) — 4.49% and up from 4.02% in April

  General Liability — 1.46% — down from 2.02%

  Commercial Property — 2.78% — down from 2.95% in April

  Umbrella — 0.81% — down from 1.04% at the end of April

  Workers’ compensation — 0.58% which is up from -0.19%

 The IVANS data is from 120 million transactions.

 

Source link: IvansInsurance.com

Tags:  Insurance Content  Insurance Industry  Insurance news  The Soft Market Growing Harder? Maybe Says IVANS  Weekly Industry News 

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