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Nearly all major commercial insurance lines saw renewal rate increases in October, according to a report released Thursday by insurance exchange IVANS.
Workers compensation was the only line that remained in the negative premium renewal rate territory, IVANS said in a statement, with average premium rates slipping 2.2%.
Commercial auto premium renewal rates increased 3.1% on average, the Tampa, Florida-based unit of insurance technology firm Applied Systems Inc. said in a statement. General liability premium rates increased 1.8%, umbrella rates were up 1.3%, commercial property rates increased 2.8% and business owner’s policy premium renewal rates increased 3.6%.
The monthly IVANS Index analyzes more than 120 million data transactions and measures the premium difference year-over-year, according to the statement.