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Premium renewal rates increased month over month in November for business owners policy, general liability, commercial property and workers compensation coverages, while rates decreased for commercial auto and umbrella, according to a report Wednesday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.
Commercial property renewal rates rose 5.66% in November, up from 5.52% in October. Business owners policy rates rose 4.68%, up from 4.39% in October, according to Ivans.
General liability rates rose 3.43% in November, up from 3.38% in October. Workers compensation rates declined by 1.90%, compared with a decline of 2.78% in October.
Commercial auto rates rose 3.93%, compared with 4.43% the previous month. Umbrella rates increased 2.82% after rising 3.78% in October.
“The Ivans Index continues to show hardening rates across major lines of business, but with slight softening of rates relative to months prior for commercial auto and umbrella,” Kathy Hrach, vice president of product management at Ivans, said in a statement.
Ivans tracks more than 120 million data transactions and includes more than 32,000 agencies and 400 insurers and managing general agents in its monthly analysis.
Commercial insurance prices rose in most lines last month, but the pace of increases was down slightly compared with the prior month, according to insurance exchange Ivans Insurance Services.