Most commercial insurance rates rise in NovemberReprints
Premium renewal rate changes for most standard commercial lines remained in positive territory in November, according to a report released Monday by insurance exchange Ivans.
Workers compensation was the only line tracked that saw declines, with rates falling 1.8%, but that was an improvement on the prior month when rates fell 2.2%.
Commercial auto premium renewal rates increased 3.2% on average, the Tampa, Florida-based unit of insurance technology firm Applied Systems Inc. said in a statement. General liability premium rates increased 1.7%, umbrella rates increased 1.2%, commercial property rates rose 2.8% and business owner’s policy premium renewal rates increased 4%.
The monthly Ivans Index analyzes more than 120 million data transactions and measures the premium difference year-over-year, according to the statement.