Commercial insurance rates increase across most lines

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.