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Commercial insurance rates up in August

Commercial insurance rates up in August

Nearly all major commercial insurance lines saw renewal rate increases in August, according to a report released Wednesday by insurance exchange IVANS.

Workers compensation was the only line that remained in the negative premium renewal rate territory, IVANS said in a statement. Month-to-month, commercial auto and general liability were the only two lines of business that saw a slight downward tick while remaining in positive territory. 

The commercial auto premium renewal rate change averaged 3.17% for the quarter, down from 3.28% at the end of June, the Tampa, Florida-based unit of insurance technology firm Applied Systems Inc. said in a statement.

Business owner’s policy premium renewal rate change averaged 3.85%, up from 3.65% the month prior. General liability came in at 1.68%, down from 1.85% at the end of June. Commercial property was 2.59%, up from 2.45% the month prior.

Umbrella premium renewal rate change averaged 1.56%, up from 1.40% at the end of June. Workers compensation renewal rates slipped 0.83%, compared with a 1.41% drop in the prior month.

“The latest IVANS Index figures show that premium renewal rate change across the industry remained consistent,” Matt Foran, vice president of IVANS Markets, said in a statement. “IVANS Index continues to showcase the strong state of the insurance industry and the most profitable opportunities for both insurers and agents alike.”

The monthly IVANS Index analyzes more than 120 million data transactions and measures the premium difference year-over-year, according to the statement.

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