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May premium renewal rates for six major commercial lines were split between higher and lower, insurance exchange Ivans Insurance Solutions said Thursday in its monthly report.
Tampa-based Ivans said general liability saw the greatest monthly increase with a premium renewal rate change of 2.46%, up from 2.18% in April.
Increases were also reported for business owners’ policies, up 4.26% from 4.12%, and commercial property, up 3.82% from 3.69% at the end of April.
Commercial auto continued to experience a downtick in premium renewal rates at 4.28%, down from 4.33% in April, as did umbrella at 2.52%, down from 2.59%.
The premium renewal rate change in May for workers compensation was down 3.86%, compared with a 3.77% decrease in April.
The results showed “varied changes among all commercial lines,” Brian Wood, vice president of data products group for Ivans, said in a statement.
Premium renewal rates continued to climb for most lines in October, according to insurance exchange Ivans Insurance Solutions, which on Tuesday issued its October results of the Ivans Index, the insurance industry’s premium renewal rate index.