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October premium rate changes rose in general liability, commercial property and umbrella while rate changes for commercial auto, business owner’s policy and workers compensation declined, according to insurance exchange Ivans Insurance Services, a division of Tampa-based Applied Systems Inc.
In October, premium renewal rates for commercial property rose 5.52%, an increase from the 5.01% rise in September, Ivans said Tuesday.
October premium renewal rates for umbrella coverage rose 3.78%, an increase from 2.78% in September. Renewal rates for general liability rose 3.38% in October, up from September’s 3.25%, Ivans data showed.
Premium renewal rates in October 2020 for commercial auto rose 4.43%, a decline from September’s 5.08% increase.
October premium renewal rates for business owner’s policy rose 4.39%, less than the 4.89% at the end of September. Renewal rates for workers compensation slipped 2.78%, greater than September’s 2.07% decline.
Kathy Hrach, vice president of product management for Ivans, said the rate movements showed “some slight softening of premium renewal averages as compared to months prior.”
Ivans Index analyzes more than 120 million data transactions, from more than 32,000 agencies and 400 insurers and managing general agents.
Commercial lines of business posted increased average premium renewal rates across nearly all major lines of business except for workers compensation in the second quarter, according to a report issued Thursday by insurance exchange Ivans Insurance Services.