Commercial insurance rate changes mixed: Ivans
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Commercial insurance rate increases diverged in July as coverage for business owners’ policy and umbrella lines increased month over month, while average premium renewal rates decreased for commercial auto, general liability, commercial property and workers compensation, Ivans Insurance Services reported Tuesday.
The average premium renewal rates change in July for business owners’ policy coverage was 6.28%, up from 5.83% at the end of June, while umbrella coverages rose an average of 5.49%, up from 5.29% in June.
The average premium renewal rates change in July for commercial property coverages declined 6.62%, off slightly from 6.67% in June. Commercial auto lines increased an average of 4.76%, less than June’s 4.92%.
General liability coverages saw an average premium renewal rate change in July of 4.65%, less than 4.78% in June. Workers compensation renewal rate changes averaged down 1.24%, off from 0.43% last month.
Ivans released its second-quarter report at the end of July.
Ivans, a division of University Park, Illinois-based Applied Systems Inc., tracks more than 120 million data transactions and includes more than 34,000 agencies and 450 insurers and managing general agents in its monthly analysis.
