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Commercial insurance premium renewal rates continued to rise in most lines last month, but the rate of increase often slowed, according to a report Tuesday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.
Commercial property renewal rates rose 5.43% in May, which was down from 5.52% in April; commercial auto rates rose 4.59, down from 4.65%; general liability rates rose 3.79%, down from 4%; and business owners policy rates rose 4.48%, down from 4.64%.
Umbrella liability was the only line tracked that saw a continued rise in the rate of increase with renewal rates rising 4.31% in May, up from 4.29% in April.
Workers compensation renewal rates declined by 1.52% in May, a slight moderation from the 1.64% decline in April.
“While month-over-month trends experienced a little softening in the market relative to last year, the market remains firm with expected increases in rates during renewals,” said Kathy Hrach, vice president of product management at Ivans, said in a statement.
ADD - May results are broadly similar to April in showing a continued hard market with differing and even moderating rates of changes