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 (VRSK).
The enhancements in the ISO MarketWatch quarterly reports offer a closer and faster look at how premiums are changing monthly, and it gives 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 just valuable for reinsurers looking at national trends. It`s also a way for primary, and excess and surplus insurers, to identify areas for growth and challenges that lie ahead."
ISO Marketwatch will now be released between 60-75 days after each quarter close, providing the percent change of renewal premiums on a monthly basis. Unlike surveys that are often used to monitor general premium changes, ISO MarketWatch uses actual rate changes from matched policies drawn from close to 4 billion records reported by approximately 800 commercial insurers to ISO.
John Buchanan, principal of excess and reinsurance for 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."
To learn more about ISO MarketWatch, go to www.iso.com/MarketWatch.
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 (VRSK). For more information, visit www.iso.com and www.verisk.com.
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Source: Verisk Analytics Inc. via GlobeNewswire