Commercial insurance price hikes speed up in April: ReportPosted On: May. 11, 2020 9:56 AM CST
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.