New Reports Provide Closer Look at Changes in Commercial Insurance Premiums
JERSEY CITY, N.J., July 7, 2014 — ISO released today the next generation of ISO MarketWatch® premium change reports. The new reports highlight pricing trend and market cycle analyses by premium size, state, and line of insurance and are available on an accelerated release schedule. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK).
The enhancements to the ISO MarketWatch quarterly reports offer a closer and faster look at how premiums are changing monthly, and they give insurers the ability to refine their market strategies in the highly competitive commercial property/casualty markets.
“The upgrades have made ISO MarketWatch a more versatile and powerful tool,” said Joseph Izzo, senior vice president of data assets and analytics at ISO. “It’s no longer only valuable for reinsurers looking at national trends. It’s also a way for primary as well as excess and surplus insurers to identify areas for growth and the challenges that lie ahead.”
ISO will now release ISO MarketWatch between 60 and 75 days after each quarter close and will provide the percent change of renewal premiums monthly. Unlike other surveys often used to monitor general premium changes, ISO MarketWatch uses actual rate changes from matched policies drawn from nearly 4 billion records reported to ISO by approximately 800 commercial insurers.
John Buchanan, principal of excess and reinsurance at ISO, said the new reports show clearly how rate changes vary significantly by state, line of insurance, and size of premiums collected.
“Insurance premiums can change very quickly and often in surprising ways,” said Buchanan. “With ISO MarketWatch now released within the following quarter, insurers gain the detailed state competitive perspective they need to plan, adapt, and stay ahead of the pack.”
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, the company provides statistical, actuarial underwriting, and claims information; policy language; information about specific locations; fraud identification tools; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK). For more information, visit www.iso.com and www.verisk.com.