Milwaukee, WI., July 25, 2023 (GLOBE NEWSWIRE) -- Ivans® today announced the results for Q2 2023 Ivans Index™, the insurance industry’s premium renewal rate index. The second quarter results of 2023 showed premium renewal rate change for all major commercial lines of business except Workers’ Compensation and Umbrella are up year over year. Q2 experienced an increase in average premium renewal rate change across Commercial Auto, BOP, Commercial Property, Umbrella and Workers’ Compensation compared to Q1 2023, while General Liability experienced a slight decrease.
Premium renewal rate change by line of business for Q2 2023 highlights includes:
- Commercial Auto: Q2 2023 average premium renewal rate averaged 6.50%, an increase compared to Q1 2023’s average premium renewal rate of 5.85%. The quarter began with the lowest rate change in April, averaging 6.16%, and reached its highest rate in May, averaging 6.80%.
- BOP: BOP premium renewal rate increased in Q2 2023 with an average of 7.56% versus 7.12% in Q1 2023. The quarter reached its lowest premium renewal rate change in May, averaging 7.44% and ended with its highest rate of 7.64% in June.
- General Liability: Second quarter 2023 premium renewal rate experienced a slight decrease compared to Q1 2023, averaging 5.21% versus 5.23%. Q2 2023 premium renewal rate experienced its low in May at 4.56% and reached its high in June at 5.58%.
- Commercial Property: Average premium renewal rate change for Commercial Property experienced an increase during Q2 2023 at 9.77% versus 8.89% in Q1 2023. The quarter began with the highest rate change in April, averaging 10.09%, and reached its lowest rate in June, averaging 9.34%.
- Umbrella: Average premium renewal rate change for Umbrella experienced an increase during Q2 2023 at 5.12% versus 5.08% in Q1 2023. Premium renewal rate change in Q2 2023 reached its low of 4.36% in May and experienced its high in June at 5.92%.
- Workers’ Compensation: Workers’ Compensation premium renewal rate change averaged -1.10%, up from Q1 2023 at -1.36%. Premium renewal rate change in Q2 2023 reached its low of -1.37% in May and ended the quarter at its high of -0.71%.
“The Q2 results of the Ivans Index show that the premium renewal rates continue to increase in line with other pricing trends in the broader macro environment,” said Kathy Hrach, vice president of Product Management, Ivans. “As we enter the second half of the year, the Index will see how changing regulatory environments and hurricane season impact premium renewal rates and carrier and agent investment in certain lines of business based on profitability opportunity.”
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 Q2 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.
