Three commercial premium renewal rates rise, three fallPosted On: Jun. 6, 2019 10:12 AM CST
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.