TAMPA, Fla., Jan. 21, 2021 (GLOBE NEWSWIRE) -- IVANS®, a division of Applied Systems®, today announced the results for Q4 and year-end 2020 IVANS Index™, the insurance industry’s premium renewal rate index. Q4 results showed an increase in the premium renewal rate change average across General Liability, Commercial Property, Umbrella and Workers’ Compensation compared to Q3; however, Workers’ Compensation average premium renewal rate change remained in negative territory, which was consistently negative throughout all of 2020. Notably, Commercial Property and Umbrella ended the year with their highest average premium renewal rate change. 2020 average premium renewal rate change was variable for all lines of business compared to 2019. Commercial Property premium renewal rate change averaged consistently higher compared to all other lines of business in 2020.
Premium renewal rate change by line of business for Q4 and 2020 highlights includes:
“While we saw variable changes for all lines of business in 2020, average premium renewal rates for Q4 trended higher than those of Q3, with the exception of BOP which increased and Commercial Auto which remained virtually the same,” said Kathy Hrach, vice president of Product Management, IVANS Insurance. “As we make our way into 2021, IVANS Index will provide insights on how the macroeconomic trends of the ongoing pandemic and policy changes will impact the insurance industry, providing actionable intelligence for agencies and insurers on policy and renewal conversations and pricing strategies.”
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 Q4 and Year-End 2020 IVANS Index report here.
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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 30 years, IVANS innovation and expertise has connected 30,000 independent insurance agencies and 380 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.