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