Ivans Index May 2024 Results Released
June 21 2024 - 12:00PM
Ivans® today announced the May 2024 results of the Ivans Index™,
the insurance industry’s premium renewal rate index. Year over
year, Commercial Auto, BOP, General Liability, Commercial Property
and Umbrella experienced increasing average premium renewal rates,
while premium renewal rates decreased for Workers’ Compensation.
Month over month, Commercial Auto, BOP, General Liability,
Umbrella, and Workers’ Compensation experienced increases in
average premium renewal rates. Average premium renewal rate for
Commercial Property remained flat month over month.Premium renewal
rate change by line of business for May 2024 highlights include:
- Commercial
Auto: 9.97%, up from 8.17% last month.
- BOP: 12.14%,
up from 7.94% at the end of April.
- General
Liability: 5.76%, up from 4.77% the month prior.
- Commercial
Property: 9.94%, flat from 9.96% in April.
- Umbrella:
11.09%, up from 9.52% the month prior.
- Workers’
Compensation: -0.2%, up from -2.16% 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
38,000 agencies and 650 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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The Ivans logos are trademarks of Applied Systems, Inc.,
registered in the U.S.About IvansIvans is where insurance
carriers, agents, and MGAs come together to grow their businesses.
Every day, our 38,000 agents and over 650 carrier and MGA 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.
Lauren Malcolm
Ivans
678-438-5093
lmalcolm@appliedsystems.com