Commercial rates mostly down in January: IvansPosted On: Feb. 5, 2019 12:45 PM CST
January renewal rates for six major commercial property/casualty lines were mostly lower, insurance exchange Ivans Insurance Solutions said Tuesday in its monthly analysis.
Reported decreases included general liability, which dropped to 1.16% from 2.23% in December; commercial property at 3.74%, down from 3.95% at the end of December; and umbrella at 2.17%, down from 2.29% the prior month, according to the report.
But the outliers were commercial auto, with a renewal rate up 4.57% from 4.51% in December, and workers compensation down just 1.04% compared with a decline of 2.66% the prior month, according to a statement released by the Tampa, Florida-based unit of insurance technology firm Applied Systems Inc.
Renewal rates for business owners policies were flat at 4.23%, consistent with the prior month, according to the report.