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Most commercial insurance rates increasing

Most commercial insurance rates increasing

Commercial insurance premium renewal rates remained in positive territory in April, except for workers compensation business, according to a premium tracking report released on Wednesday by insurance exchange IVANS.

The Tampa, Florida-based unit of insurance technology firm Applied Systems Inc. said commercial auto premium renewal rates increased by an average of 2.65%, up from 2.61% in March; business owner’s policy rates increased 4.02%, up from 3.86%; general liability rates increased 2.02%, down from a 2.04%; commercial property rates increased 2.95%, up from 2.41%; and umbrella liability rates increased 1.04%, down from 1.37%.

Workers compensation rates slipped 0.19% in April compared with a 0.25% fall in March.

The monthly IVANS Index analyzes more than 120 million data transactions and measures the premium difference year-over-year, the statement said. 



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