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Insurance rate increases accelerated slightly in most lines in July, with only workers compensation prices decreasing, according to data from insurance exchange Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.
Commercial property insurance saw the largest rate hikes, with average rates increasing 5.8%, up from 5.68% in June; umbrella rates rose 4.73%, up from 4.6%; business owners policy rates climbed 4.87%, up from 4.66%; and general liability rates rose 4.17%, up from 4.07%.
Commercial auto rates increased 4.19%, down from 4.28%.
Workers comp rates slipped 1.93%, compared with a 2.06% decrease in June.
First-quarter premium renewal rate changes increased year over year for general liability, commercial property, umbrella and business owners policy while workers compensation remained negative, according to a report Wednesday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.