Milwaukee, WI., June 14, 2023 (GLOBE NEWSWIRE) -- Ivans® today announced the May 2023 results of the Ivans Index™, the insurance industry’s premium renewal rate index. Year over year, General Liability, Umbrella and Workers’ Compensation experienced increasing average premium renewal rates, while premium renewal rates decreased for Commercial Auto, Business Owners Policy (BOP) and Commercial Property. Month over month, all lines of business except Commercial Auto experienced decreases in premium renewal rate change.
Premium renewal rate change by line of business for May 2023 highlights include:
- Commercial Auto: 6.8%, up from 6.16% last month.
- BOP: 7.44%, down from 7.6%, at the end of April.
- General Liability: 4.56%, down from 5.5% the month prior.
- Commercial Property: 9.89%, down from 10.09% in April.
- Umbrella: 4.36%, down from 5.09% the month prior.
- Workers’ Compensation: -1.37%, down from -1.22% 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 34,000 agencies and 450 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 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.
