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Most average commercial insurance renewal premiums decreased by low single-digit percentages in July except for commercial auto and umbrella, according to a monthly report released Monday by insurance exchange Ivans Insurance Solutions.
Commercial property rates slipped 3%, compared with a 3.2% drop at the end of June, the Tampa, Florida-based unit of insurance technology firm Applied Systems Inc. said in a statement.
Businessowners policy slipped 3.8%, following a 4% decline the previous month. General liability decreased 2.2%, following a 2.4% drop at the end of June.
Commercial auto rates increased 4.5%, up from 4.4% at the end of June, while umbrella rates rose 1.7%, up from 1.5% the previous month.
Workers compensation rates fell 3.4%, following a 1.8% decline at the end of June.
“The beginning of Q3 showcases a more negative rate change than we have seen in recent months across nearly all of the major commercial lines, with workers compensation seeing the greatest change in premium renewals,” said Brian Wood, vice president of Ivans Markets.
Commercial insurance premium renewal rates inched up in all lines except workers compensation in the first quarter of 2017, according to a quarterly premium tracking report launched by insurance exchange IVANS on Wednesday.