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Commercial insurance price hikes speed up in April: Report

Posted On: May. 11, 2020 9:56 AM CST

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Commercial insurance rate increases accelerated in most lines last month, but workers compensation rates continue to fall, according to a report by insurance exchange Ivans Insurance Services.

Commercial property insurance saw the biggest increase, with average annual renewal rates rising 5.51% in April, compared with 5.28% in March, the Tampa, Florida-based division of Applied Systems Inc. said Monday.

Business owners policies recorded the second biggest increase at 5.22%, compared with 4.85% in March; commercial auto rates increased 4.8%, up from 4.75%; and general liability rates increased 3.29%, up from 3.18%.

Umbrella liability rates increased 3.18% in April, which was slightly lower than the 3.22% increase recorded for March.

Workers comp rates fell at a faster pace, down 2.06% in April compared with a 1.96% decline in March, Ivans said.