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Commercial insurance premium renewal rate increases accelerated across nearly all major lines of business in the third quarter, according to a report Tuesday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.
The exceptions were commercial auto, which saw a slowdown in the rate of increase, and workers compensation, the only line in which renewal rates remained in negative territory, Ivans said.
Business owners policy renewal rates rose 5.05%, up from the 4.59% increase in the second quarter; general liability rates rose 4.21%, up from 3.95%; commercial property rates rose 5.77%, up from 5.54%; umbrella rates rose 4.85%, up from 4.40%.
Commercial auto renewal rates rose 4.32% on average, down from 4.51% in the second quarter.
Workers compensation renewal rates stayed negative, but the rate of decrease lessened, with rates decreasing 1.40%, compared with the 1.74% decrease in the second quarter.
The third-quarter index results continue to show “we are operating in a hard market,” Kathy Hrach, vice president of product management at Ivans said in a statement.
“In fact, commercial auto, BOP, general liability, umbrella and workers compensation reached their highest average premium renewal rate of the year in September,” Ms. Hrach said.
Second-quarter 2021 renewal rate changes for most major commercial lines of business increased year over year, save for workers compensation, according to a report Wednesday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.