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Commercial insurance rate hikes slow in May: Ivans

Posted On: Jun. 3, 2020 11:12 AM CST

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Commercial insurance prices rose in most lines last month, but the pace of increases was down slightly compared with the prior month, according to insurance exchange Ivans Insurance Services.

Commercial property insurance rates increased the most in May at 5.06%, but the level of increase was lower than the 5.51% recorded in April, the Tampa, Florida-based division of Applied Systems Inc. said.  

Business owners policies renewing through the exchange in May saw a 5.06% increase on average, compared with 5.22% in April; commercial auto rates rose 4.74%, compared with 4.8%; general liability rates climbed 3.23%, compared with 3.29%; and umbrella liability rates increased 3.01%, compared with 3.18%.

Workers compensation rates continued to decline but at an accelerated rate, falling 2.68% in May, compared with 2.06% in April.