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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.
Global insurance rates moderated for four consecutive quarters last year, Marsh L.L.C. said Wednesday, the first time this has happened since the broker started compiling the index in 2012.