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Most commercial premium renewal rates rose in third quarter

rising chart

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.



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