IVANS Index Q4 and 2017 Results Released

IVANS, a division of Applied Systems, today announced the results of 2017’s year-end IVANS Index, the insurance industry’s premium renewal rate index. Q4 results showed a slight uptick in premium renewal rate change average across Commercial Auto, Business Owner’s Policy, General Liability, and Commercial Property compared to Q3; however, Umbrella and Workers’ Compensation average premium renewal rate change dropped, with the latter remaining in negative premium renewal rate change territory, making May the only month in 2017 that experienced positive change. Notably, across all lines of business, December was consistently one of the greatest premium renewal rate change months for the year.

Premium renewal rate change by line of business for Q4 and 2017 highlights includes:

  • Commercial Auto: Premium renewal rate change averaged 3.11% for the quarter, with a quarter high in November at 3.24% and ending the quarter at its low of 3.00% in December. The year high and low premium renewal rate change occurred in back to back months, with June at 2.41% and July at 3.28%.
  • BOP: Quarter premium renewal rate change averaged 3.85%, representing an increase over last quarter’s average of 4.79%. BOP premium renewal rate change finished the quarter at 3.79% in December. The year high and low premium renewal rate change occurred in May and October at 4.49% and 3.57% respectively.
  • General Liability: Q4 premium renewal rate change increased from Q3, averaging 1.86% change relative to 1.74%. The quarter premium renewal rate change low reached 1.66% in November and ended the quarter in December at 2.13%.
  • Commercial Property: Q4 premium renewal rate change rose again quarter over quarter, with an average rate change of 2.91% as compared to 2.48% in Q3. The year low and high premium renewal rate change occurred in…

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