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Commercial insurance rates increase across most lines

rising chart

Average renewal rates rose for most commercial coverages in February, but the pace of the increases slowed in some major lines, according to a report Thursday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.

Commercial property saw the biggest increases, up 6.13% on an annual basis and up slightly from 5.63% in January.

Business owners policies rates rose 4.59% last month, compared with 4.46% in January, and general liability rates rose 3.93%, compared with 3.69% in the prior month.

Commercial auto rates increased 4.38% in February, a slight slowdown from 4.45% in January, and umbrella liability rates rose 4.25%, fractionally off the 4.29% increase a month earlier.

Workers compensation, which has been the only line showing consistent decreases over the past year, saw rates decline 1.47% in February, compared with a 1.02% decrease in January.

Ivans says it builds the index from transactions placed through more than 33,000 agencies.

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