Most commercial premiums rise in FebruaryReprints
Premium renewal rates in February increased for most standard commercial lines except workers compensation, according to a report released Tuesday by insurance exchange Ivans Insurance Solutions.
The rate of increase in February, however, was lower than in January, except for commercial auto and commercial property.
Workers compensation was the only line tracked that saw declines, with rates falling 3.6% in February, accelerating from the 1% decrease in January.
Commercial auto premium renewal rates increased 4.4% on average in February, the Tampa, Florida-based unit of insurance technology firm Applied Systems Inc. said in a statement.
General liability premium rates increased 1.8% in February, umbrella rates increased 1%, commercial property rates rose 3.2% and business owner’s policy premium renewal rates increased 3.8%.
The monthly Ivans Index analyzes more than 120 million data transactions and measures the premium difference year-over-year, according to the statement.