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Most average commercial insurance renewal premiums increased by low single-digit percentages in May, similar to trends over the past several months, according to a report released Friday by insurance exchange Ivans Insurance Solutions.
Workers compensation was the only line tracked by the Tampa, Florida-based unit of insurance technology firm Applied Systems Inc. that saw a premium rate decrease, with rates falling 2.7%.
Commercial auto and business owners policy renewals saw the biggest increases in May at 4%, followed by commercial property at 3.2%, general liability at 2.4% and umbrella rates at 1.5%.
“This month’s Ivans Index demonstrates that the commercial lines market remains hard,” said Brian Wood, vice president of Ivans Markets, in a statement.
The composite rate for property/casualty insurance in the United States rose 2% in the first quarter of 2018, MarketScout said Friday, continuing the upward trend from the fourth quarter of last year.