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Commercial insurance price hikes accelerated in most coverage lines last month, according to insurance exchange Ivans Insurance Solutions.
The biggest increase in average annual renewal rates was in commercial auto, where rates rose 5.58% for accounts renewing February, up from 4.09% in January, the Tampa, Florida-based unit of Applied Systems Inc. said in a statement Wednesday.
Commercial property rates increased 5.28% in February compared with 4.86% in January, business owners policy rates rose 4.69% compared with 4.4% and general liability rates increased 3.04%, up slightly from the 3.02% increase in the prior month.
Umbrella liability rates increased, too, at a rate of 2.89%, which was down from the 3.08% in January.
Workers compensation rates continued to fall, down 1.85% in February compared with a 1.63% decrease in the prior month.
Several other recent pricing surveys, including one from Marsh and another from the Council of Insurance Agents & Brokers, show prices steadily increasing over the past year, with the degree of increase often varying depending on the size of the accounts surveyed.
Insurance premium renewal rates in the fourth quarter rose across nearly all major commercial lines compared with the previous quarter, except in workers compensation, according to the 2018 Ivans Index.