Premium rate hikes mixed in October: Ivans
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October saw month-over-month upticks in premium renewal rate changes in just half of the commercial lines products, including businessowners policy, umbrella and workers compensation, as commercial auto and general liability saw declines, Ivans Insurance Solutions said Wednesday.
In October, commercial auto premium renewal rates grew 4.33%, down from 4.45% last month, the Tampa, Florida-based insurance exchange said in a statement.
Businessowners policy rates increased 4.54%, up from 4.09% at the end of September.
Umbrella coverage rates rose 2.46% in October, up from 2.35% last month, and workers compensation rates declined by 2.95% compared with a decline of 3.23% in September
Commercial property rates rose 4.35% in October, flat from the month prior, and general liability rates rose 2.49%, down from 2.73%.
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