Commercial insurance rates keep risingPosted On: Aug. 5, 2020 10:47 AM CST
Commercial insurance rates continued to rise in most lines in July although in some cases the pace of the increases slowed slightly from the prior month, according to insurance exchange Ivans Insurance Services’ monthly pricing index released Wednesday.
Commercial property insurance saw the biggest rate increases last month at 5.4%, with rates rising at a slightly faster pace than the 5.2% increase in June.
Rate increases also accelerated for commercial auto, up 5.1% in July compared with 4.6% in June, and general liability where rates increased 3.5% compared with 3.4% in the prior month.
Umbrella rates rose 3.2% in July, which was slower than the 3.6% in June, and business owners’ policy rates rose 4.4% compared with 4.6% in the prior month.
Workers compensation remained the only major line of business where rates declined, down 2.7% in July compared with a 2.5% decrease in June.
The data “continues to demonstrate a hardening market,” said Brian Wood, vice president of the data products group at Ivans.