The latest Ivans Index premium rate renewal data for August show mixed results across the property and casualty insurance industry.
The research indicates that premium renewal rates were down in commercial auto (3.17%, versus 3.28% at the end of June), general liability (1.68%, down from 1.85% at the end of June), and workers' compensation (-0.83%, down from -1.41% the month prior).
On the other hand, premium renewal rates in August were up for business owners policy lines (3.85%, up from 3.65% the month prior), commercial property (2.59%, up from 2.45% the month prior), and umbrella policies (1.56%, up from 1.40% at the end of June).
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"The latest Ivans Index figures show that premium renewal rate change across the industry remained consistent, with limited variance month-to-month variation," Matt Foran, vice president of Ivans Markets, said in a press release. "Ivans Index continues to showcase the strong state of the insurance industry and the most profitable opportunities for both insurers and agents alike."
The numbers also indicate that workers compensation is the one product that remains in the negative premium renewal rate. Month-to-month, commercial auto and general liability were the only two lines of business that experienced a slight downward tick while remaining in positive territory.
Ivans is a division of Applied Systems. The Ivans Index is a data-driven report of current conditions and trends for premium rate renewal change of the most placed commercial lines of business in the insurance industry. Analyzing more than 120 million data transactions, the Ivans Index premium renewal rate change measures the premium difference year over year for a single consistent policy.
The Ivans Index, which includes more than 30,000 agencies and 380 insurers and MGAs, reflects the premium rate change trends being experienced by all agencies and insurers across the U.S. insurance market. IVANS Index is available to agencies and insurers as part of Market Insights at markets.ivansinsurance.com.
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