Insurance renewal rates increase in July
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Commercial insurance pricing continued to increase in most lines in July, but the rate of renewal price changes compared with the previous month was mixed, according to data released by insurance exchange Ivans Insurance Solutions on Wednesday.
Businessowners policies saw the largest average increase with annual renewal prices rising 4.28% in July, up from 4.18% average increases in June; commercial property rates increased 4.12%, down from 4.25% increases in June; commercial auto rates rose 4.03%, down from 4.39% in the prior month; umbrella liability rates increased 2.72%, up from 2.66%; and general liability rates increased 2.20%, down from 2.22%.
The only major line of business where Tampa, Florida-based Ivans reported rate decreases was workers compensation, where prices fell 3.05% in July, little changed from the 3.06% decrease in June.
Marsh LLC also reported commercial price increases in a report released Wednesday.
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