TAMPA, Fla., March 11, 2021 (GLOBE NEWSWIRE) — IVANS ®, a division of Applied Systems ®, today announced the February 2021 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, all lines of business experienced an increase in average premium renewal rate, except Workers’ Compensation, which saw a downtick in premium. Month over month, premium renewal rates for lines of business including BOP, General Liability and Commercial Property experienced increases, while Commercial Auto, Umbrella and Workers’ Compensation saw drops in premium renewal rates.
Premium renewal rate change by line of business for February 2021 highlights include:
- Commercial Auto : 4.38%, down from 4.45% last month.
- BOP: 4.59%, up from 4.46% at the end of January.
- General Liability: 3.93%, up from 3.69% the month prior.
- Commercial Property: 6.13%, up from 5.63% in January.
- Umbrella: 4.25%, down from 4.29% the month prior.
- Workers’ Compensation: -1.47%, down from -1.02% last month.
“Economic trends continue to positively impact premium renewal rates year over year, except Workers’ Compensation which stayed consistently negative,” said Kathy Hrach, vice president of Product Management, IVANS Insurance Services. “Looking at 2021 to date, Commercial Property experienced the most significant increase in premium renewal rate in February, while General Liability continues its steadily increasing trend.”
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 33,000 agencies and 430 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 Q4 and 2020 Year-End IVANS Index report here .
The IVANS logos are trademarks of Applied Systems, Inc., registered in the U.S.
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. IVANS innovation and expertise connects 33,000 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 MalcolmApplied [email protected]