Most commercial insurance rates up in 2nd quarter: IvansReprints
Insurance pricing increased in most commercial lines in the second quarter of 2018 except workers compensation rates, which continued to fall, according to a report issued by insurance exchange Ivans Insurance Solutions.
Commercial auto premium renewal rate changes averaged 4.3% for the quarter, ending at 4.4% for June, Tampa, Florida-based Ivans said in a statement.
Business owners premium renewal rate changes for the quarter averaged 4%, unchanged from the last quarter’s average and finished the quarter at 4.1% in June.
General liability second-quarter premium renewal rate changes reached 2.2% in April and ended the quarter in June at 2.4%.
Commercial property second-quarter premium renewal rate changes saw an increase quarter over quarter, with an average rate change of 3.14% compared with 3.11% in the first quarter of 2018.
Umbrella quarter premium renewal rates averaged 1.8% compared with 1.5% in the first quarter of 2018.
Workers compensation premium renewal rate changes decreased slightly averaging minus 2.5% compared with minus 2.5% in in the first quarter of 2018.
“The latest Ivans Index figures demonstrated slight variance quarter over quarter, with the most significant trend change occurring with general liability and umbrella,” Brian Wood, vice president of Ivans Markets, said in a statement. “As the second quarter comes to a close, the Ivans Index shows that the commercial lines market continues to harden.”