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April premium renewal rates continued to trend upward across most major commercial lines, except for workers compensation, insurance exchange Ivans Insurance Solutions said Tuesday in its monthly report.
Tampa, Florida-based Ivans said general liability, umbrella and workers compensation lines of business all saw an uptick in rate compared to the prior month.
The premium renewal rate change in April for workers compensation was down 3.77%, compared with a 4.43% decrease in March, Ivans said.
Increases were reported for general liability, up 2.18% from 2.05%, and umbrella, up 2.59% from 2.39% in March.
Commercial auto experienced a downward turn in premium renewal rates, along with business owners’ policies and commercial property, according to the report.
The premium renewal rate change for commercial auto was 4.33%, down from 4.42% in March, Ivans said.
Rate increases were also lower for commercial property at 3.69%, down from 4.40% at the end of March; and business owners’ policies at 4.12%, down from 4.39% the prior month, according to the report.
Employers buying workers compensation coverage in early 2018 are typically seeing slight rate decreases or flat renewals as the competitive market place of the past several years continues, according to brokers.