Commercial rates continue ascent in August: Ivans
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Commercial insurance pricing continued to increase across most lines in August, though businessowners policies saw slightly less of an increase compared with the prior month, insurance exchange Ivans Insurance Solutions said Monday in a report.
Commercial auto saw the largest average increase with premium renewal rates rising 4.49% in August, up from 4.03% at the end of July, Ivans said.
Commercial property renewal rates increased 4.14%, up from 4.12% in July, while businessowners policies increased 4.15%, down from 4.28% the prior month, according to the report.
Umbrella liability rates increased 2.92%, up from 2.72% the month prior, while general liability rates increased 2.6%, up from 2.2%, Ivans said.
“As premium renewal rates are climbing month over month, we see the market continuing to harden,” Brian Wood, vice president of data products group for Ivans Insurance Services, said in the release.
Year over year, all lines of business saw increases, except for workers compensation, which was down 2.49%, Ivans said.
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