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Most commercial insurance rates rise in November

Most commercial insurance rates rise in November

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.