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Commercial insurance rate changes in flux: Ivans

Posted On: Dec. 6, 2018 10:06 AM CST

Commercial insurance rate changes in flux: Ivans

November renewal rates for six major commercial lines split evenly between higher and lower in November, according to the monthly report issued by insurance exchange Ivans Insurance Solutions on Thursday.

Reported increases included umbrella, up 2.8% from 2.2% in October; commercial property, up 3.8% from 3.5% in October; and business owners policies, slightly more than 4.1%, up from slightly less than 4.1% in October, according to a statement released by the Tampa, Florida-based unit of insurance technology firm Applied Systems Inc.

But the renewal rate for commercial auto dropped to 4.7% from 4.8% in October; general liability dropped slightly less than 2.7%, down from slightly more than 2.7% at the end of October; and workers compensation renewal rates were down 3.4% compared with a 3.2% decrease in October, according to the report.