Commercial insurance rates rise in third quarter: IvansPosted On: Oct. 8, 2019 1:26 PM CST
Four of six commercial property/casualty insurance lines posted higher premium renewal rates during the third quarter of 2019, compared with the prior quarter, according to an analysis released Tuesday by insurance exchange Ivans Insurance Solutions.
However, year over year, commercial pricing increased across all lines in the quarter except workers compensation, Tampa, Florida-based Ivans said in its report.
“Quarter over quarter, there was greater variability in average premium renewal rate change,” Ivans said in the report.
Commercial property rates rose 4.20% in the quarter, up from 3.92% average increases in the second quarter; umbrella liability rates averaged 2.66% increases in the quarter, versus 2.59% in the prior quarter; general liability rates increased 2.51%, up from 2.29%; and workers compensation rates declined 2.92%, a narrowing from average rate decreases of 3.56% the prior quarter.
Meanwhile, businessowners policies and commercial auto policies saw a slight slowdown in rate increases in the third quarter, Ivans said.
Businessowners policies average rate increases were 4.17% in the third quarter, relatively flat compared with the second quarter, while commercial auto rates rose 4.32%, down slightly from 4.33% average increases the prior quarter, Ivans said.
MarketScout also reported rate increases in U.S. commercial property/casualty insurance rates in the third quarter of 2019 in a report released Monday.