UNIVERSITY PARK, Ill., June 09, 2022 (GLOBE NEWSWIRE) -- Ivans® today announced the May 2022 results of the Ivans Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, premium renewal rates increased for lines of business including Business Owners’ Policy (BOP), General Liability, Commercial Property and Workers’ Compensation. Average premium renewal rates for Commercial Auto and Umbrella decreased.
Premium renewal rate change by line of business for May 2022 highlights include:
- Commercial Auto: 5.03%, down from 5.20% last month.
- BOP: 5.67%, up from 5.56% at the end of April.
- General Liability: 4.85%, up from 4.64% the month prior.
- Commercial Property: 6.49%, up from 6.05% in April.
- Umbrella: 5.12%, down from 5.17% the month prior.
- Workers’ Compensation: -0.84%, up from -0.91% 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 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 Q1 Ivans Index report here.
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About Ivans
Ivans is where insurance carriers, agents, and MGAs come together to grow their businesses. Every day, our 34,000 agents and 450 carrier 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.
