World News: 15:30 GMT Tuesday 14th January 2020. [Applied Systems via Globe Newswire via SPi World News]
TAMPA, Fla., Jan. 14, 2020 (GLOBE NEWSWIRE) -- , a division of , today announced the results for Q4 and year-end 2019 IVANS Index™, the insurance industry’s premium renewal rate index. Q4 results showed an increase premium renewal rate change average across Commercial Auto, Business Owner’s Policy, General Liability, Umbrella, and Commercial Property compared to Q3; however, Workers’ Compensation average premium renewal rate change dropped and remained in negative territory, which was consistently negative throughout all of 2019. Notably, Commercial Auto, BOP, and Commercial Property all ended the year with its highest average premium renewal rate change.
Premium renewal rate change by line of business for Q4 and 2019 highlights includes:
“We saw a trend of most premium renewal rate changes hitting year-end highs in December, and a trend of most Commercial Lines increasing in Q4 with the exception of Umbrella,” said Brian Wood, vice president of Data Products Group, IVANS Insurance. “As we head into 2020, the IVANS Index will continue to enable agents to provide guidance to clients on expected premium changes while delivering the market intelligence to insurers for 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 .
Download the complete Q4 and Year-End 2019 IVANS Index report .
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.
Globe Newswire: 15:30 GMT Tuesday 14th January 2020
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