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February premium renewal rates increased across all major commercial lines of business in February except for workers compensation, Ivans Insurance Solutions said Tuesday in its monthly report.
Tampa, Florida-based Ivans said the largest increase in premium renewal rates was for commercial auto, which increased 4.61%, compared with a 4.57% increase in January.
Increases were also reported for commercial property, up 4.58% from 3.74%; umbrella, up 3.06% from 2.17%; and general liability, up 1.81% from 1.16% in January.
Workers compensation was down 3.38%, compared with a 1.04% decrease in January. In addition, business owners’ policies were down 3.94%, compared with a 4.23% decrease in January, according to the report.
Commercial insurance rates continued to drop in the first quarter of 2016, according to a survey released Tuesday by the Washington-based Council of Insurance Agents & Brokers.