Premium renewal charges proceed to fluctuate

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IVANS, a division of Applied Systems, announced the January results of the IVANS index, which tracks changes in the insurance industry.

Year-over-year, all businesses saw an increase in the average rate of renewal, with the exception of employee compensation, which decreased the rate. Renewal rates for business areas, including general liability, umbrella, and employee compensation, increased month by month, while commercial auto, BOP, and commercial real estate saw premium renewal rates decline.

Changes in Premium Renewal Rate by Business Area for January:

  • Commercial car: 4.45% after 5.03% in December
  • BOP: 4.46% after 4.64% in December
  • General liability: 3.69% compared to 3.59% in December
  • Commercial real estate: 5.63% after 5.68% in December
  • Umbrella: 4.29% versus 3.79% in December
  • Employee compensation: -1.02% compared to -1.7% in December

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“Year-over-year, January premium renewal rates continued to rise in nearly every major business area with the exception of employee compensation,” said Kathy Hrach, Vice President of Product Management at IVANS Insurance Services. “We see that the rate of change in general liability is steadily increasing from month to month as the commercial car fluctuates each month, ending this month with a decrease in the change in premium renewal rate compared to the end of 2020.”

The IVANS index analyzes more than 120 million data transactions in more than 33,000 agencies as well as 430 insurers and MGAs.

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