Commercial insurance renewal rates rise in third quarter: IvansReprints
Most commercial property/casualty insurance lines posted higher premium renewal rates during the third quarter of 2018, according to an analysis released Thursday by insurance exchange Ivans Insurance Solutions.
General liability was up 2.4% versus 2.3% in the second quarter of this year, according to the report. Commercial property rose 3.3% compared with 3.1% in the second quarter, commercial auto was up 4.5% compared with 4.3% in the second quarter, and umbrella premium renewal rate change averaged 1.9% versus 1.8% in the second quarter.
Workers compensation rates were down 2.8% compared with a drop of 2.5% in the second quarter, while business owners policies rose 3.8% compared with a 4% increase in the second quarter.