Q3 2020 IVANS Index Results Released

TAMPA, Fla., Oct. 13, 2020 (GLOBE NEWSWIRE) -- IVANS®, a division of Applied Systems®, today announced the Q3 2020 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Q3 results showed an increase in premium renewal rate change average across nearly all major commercial lines of business, including Commercial Auto, Business Owner’s Policy, General Liability, Umbrella, and Commercial Property compared to Q3 2019; however, Workers’ Compensation average premium renewal rate change remained in negative territory. Commercial Auto, Business Owners Policy, Commercial Property, and Umbrella experienced lower average premium renewal rate for Q3 2020 relative to Q2 2020; General Liability and Workers' Compensation experienced flat to slightly higher average premium renewal rate quarter over quarter.

Premium renewal rate change by line of business for Q3 2020 highlights include:

• Commercial Auto: Premium renewal rate change averaged 4.46% for the quarter, with a quarter high in July at 5.10%. The quarter low for premium renewal rate change was in August at 3.20%.
• BOP: Quarter premium renewal rate change averaged 4.76%, representing a decrease over last quarter’s average of 4.97%. BOP premium renewal rate change finished the quarter at 4.89% in September.
• General Liability: Q3 premium renewal rate change increased from Q2 2020, averaging 3.44% relative to 3.29%. The quarter premium renewal rate change reached its low of 3.25% in September.
• Commercial Property: Q3 premium renewal rate change increased to 5.30%, reaching a quarter high in August at 5.48%.
• Umbrella: Quarter premium renewal rate change averaged 3.09%, which is down relative to the Q2 2020 average at 3.25%. Umbrella premium renewal rate change for the quarter reached its high in August at 3.27%.
• Workers’ Compensation: Average premium renewal rate change for the quarter reached -2.41%, which is flat relative to Q2 2020.

“Our data provides data-driven support of industry commentary with hardening premium renewal rate trends in Q3, albeit relatively flat relative to Q2,” said Brian Wood, vice president of Data Products Group. “As the effects of the pandemic and other environmental forces impact businesses, we will continue to report on premium rate changes and provide data insights to our industry.”

Released on a monthly basis, 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. Inclusive of more than 32,000 agencies and 400 insurers and MGAs, the IVANS Index is reflective of 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.

Download the complete Q3 IVANS Index report here.

The IVANS logos are trademarks of Applied Systems, Inc., registered in the U.S.

About IVANS

IVANS, a division of Applied Systems, is the insurance industry’s exchange connecting insurers, MGAs, agencies, and the insured. IVANS cloud-based software automates the distribution and servicing of insurance products. For more than 35 years, IVANS innovation and expertise has connected 32,000 independent insurance agencies and 430 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.

Lauren Malcolm
Applied Systems
lmalcolm@appliedsystems.com