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Commercial insurance renewal rates increased in January for general liability, umbrella and workers compensation while commercial property, commercial auto and business owners policy renewal rates declined compared with December 2020, according to a report Wednesday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.
General liability renewal rates rose 3.69% in January, down from 3.59% in December.
Umbrella renewal rates increased 4.29% in January, up from 3.79% in December.
Workers compensation renewal rates declined by 1.02% in January, a smaller decrease than 1.7% in December.
Commercial property renewal rates rose 5.63% in January, down from 5.68% in December.
Commercial auto renewal rates rose 4.45% in January, down from 5.03% in December.
Business owners policy renewal rates rose 4.46% in January, down from 4.64% in December.
“We are seeing the rate change for general liability steadily increase month over month, while Commercial Auto has fluctuated each month, ending this month with a downtick in premium renewal rate change as compared to the end of year 2020,” Kathy Hrach, vice president of Product Management for 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.