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Commercial lines insurance coverage showed month-over-month increases in premium renewal rate changes in just half of the commercial lines products in November, including general liability and commercial property, as commercial auto and businessowners policy saw declines, Ivans Insurance Solutions said Friday.
Year-over-year changes, however, showed mainly increases.
Premium renewal rate change by line of business for November 2019 include commercial auto at 4.12%, down from 4.33% in October; businessowners policy at 4.42%, down from 4.54% at the end of October; general liability at 2.53%, up from 2.49%; commercial property at 4.37%, up from 4.35%; umbrella at 2.65%, up from 2.46%; and workers compensation decreases slowed to 2.53%, compared with 2.95% last month.
Premium renewal rate change for commercial auto insurance averaged 4.32% in third quarter 2019, lower compared with the third quarter of 2018, which averaged 4.48%, the Tampa, Florida-based insurance exchange said.
The average premium renewal rate change for general liability insurance averaged 2.51% in third quarter of 2019, higher compared with the third quarter of 2018 at 2.35%
Third-quarter premium renewal rate changes for commercial property insurance averaged 4.20%, higher than the prior-year quarter’s 3.34%.
Almost all lines of business experienced a year-over-year increase in average premium renewal rate except workers compensation, which where rates decreased, Ivans said.
“From November 2018 to November 2019, we are seeing positive changes across nearly all commercial lines of business, with the most significant increase experienced by BOP,” said Brian Wood, vice president of Ivans’ data products group.
Premium rates for large commercial accounts increased 7.6% on average in the third quarter of 2019 over the prior-year period, according the Council of Insurance Agents & Brokers’ latest pricing survey.