Ivans Index May 2024 Results Released
Majority of average premium renewal rates of major commercial lines of business up month over month
Milwaukee, WI, June 21, 2024 (GLOBE NEWSWIRE) — Ivans® today announced the May 2024 results of the Ivans Index™, the insurance industry’s premium renewal rate index. Year over year, Commercial Auto, BOP, General Liability, Commercial Property and Umbrella experienced increasing average premium renewal rates, while premium renewal rates decreased for Workers’ Compensation. Month over month, Commercial Auto, BOP, General Liability, Umbrella, and Workers’ Compensation experienced increases in average premium renewal rates. Average premium renewal rate for Commercial Property remained flat month over month.
Premium renewal rate change by line of business for May 2024 highlights include:
- Commercial Auto: 9.97%, up from 8.17% last month.
- BOP: 12.14%, up from 7.94% at the end of April.
- General Liability: 5.76%, up from 4.77% the month prior.
- Commercial Property: 9.94%, flat from 9.96% in April.
- Umbrella: 11.09%, up from 9.52% the month prior.
- Workers’ Compensation: -0.2%, up from -2.16% last month.
Released monthly, 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 38,000 agencies and 650 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 Q1 Ivans Index report.
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About Ivans
Ivans is where insurance carriers, agents, and MGAs come together to grow their businesses. Every day, our 38,000 agents and over 650 carrier and MGA partners plug into technology that empowers them to better determine appetite and eligibility, swiftly produce quotes, get accurate claims and commission updates, automatically communicate policy data, and connect to one another to drive new business. With easier ways to get the day’s work done, insurance professionals can open the door to more revenue without letting complexity in behind it.
CONTACT: Lauren Malcolm Ivans 678-438-5093 lmalcolm@appliedsystems.com
