Ivans Index Reveals August 2024 Premium Trends in Insurance
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Overview of Ivans Index Results for August 2024
Ivans recently published its August 2024 results for the Ivans Index™, a crucial resource that analyzes premium renewal rates within the insurance sector. Notably, Commercial Auto, BOP, General Liability, Commercial Property, and Umbrella witnessed improvements in their average premium renewal rates compared to the previous year. Conversely, Workers’ Compensation saw a decrease in premium renewal rates.
Premium Renewal Rate Changes
The following highlights showcase the changes in premium renewal rates by line of business for August 2024:
Commercial Auto
For Commercial Auto, the rate stood at 9.77%, a slight decrease from 9.79% from the preceding month. This reflects the ongoing adjustments in this critical area of coverage.
BOP
Businessowners Policy (BOP) recorded a renewal rate of 8.64%, down from 8.71% at the end of the previous month. This slight decline indicates the dynamic adjustments the insurers are making in response to market conditions.
General Liability and Commercial Property
General Liability renewal rates reached 4.18%, decreasing from 4.24% the month before. Commercial Property saw a more substantial change, moving to 11.40%, down from 11.80% in July, which suggests a structural shift in pricing for property-related coverage.
Umbrella and Workers’ Compensation
Interestingly, the Umbrella coverage experienced a minor increase in its premium renewal rate, now at 8.53%, up from 8.43%. In contrast, Workers’ Compensation had a negative change at -1.37%, down from -1.32% in the last report, highlighting ongoing challenges in this aspect of coverage.
Insights From the Ivans Index
The Ivans Index is released monthly, providing a comprehensive analysis of premium renewal rate changes across key commercial lines in the insurance market. It evaluates over 120 million data transactions to deliver insights into how premiums vary year-over-year for standard policies. The data encompasses contributions from more than 38,000 agencies and 700 carriers and MGAs, reflecting trends experienced across the U.S. insurance market.
About Ivans
Ivans is committed to creating synergy among insurance carriers, agencies, and MGAs, enhancing their capability to expand their services. With a network of 38,000 agents and over 700 carrier and MGA partners, Ivans facilitates effective communication, timely quotes, comprehensive claims processing, and accurate policy data exchange, paving the way for increased revenue opportunities for insurance professionals.
Frequently Asked Questions
What is the Ivans Index?
The Ivans Index is a premium renewal rate index that offers insights into the insurance industry, measuring how premiums change across various business lines.
Which lines of coverage saw an increase in premium rates for August 2024?
For August 2024, the Umbrella coverage noted an increase in premium rates, contrasting with decreases across other major lines.
How often is the Ivans Index published?
The Ivans Index is published monthly, providing up-to-date insights into premium renewal trends within the insurance sector.
How does the Ivans Index collect its data?
The index analyzes over 120 million data transactions contributed by more than 38,000 agencies and 700 carriers and MGAs, ensuring a comprehensive view of the market.
Why are premium renewal rates important in insurance?
Renewal rates reflect the pricing landscape for various coverages, helping insurance professionals make informed decisions based on market trends and competitive pricing.
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