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All lines of commercial insurance saw renewal rates rise in October except for workers compensation, according to a report Tuesday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.
Rates for commercial property, general liability, umbrella, commercial auto and business owners policy all increased while workers compensation renewal rates declined compared with September 2021, Ivans said in its report.
Commercial property renewal rates rose 5.93% in October, up from 5.89% in September.
Business owners policy renewal rates rose 5.24% in October, up from 5.18% in September.
Umbrella renewal rates increased 5.02% in October, up from 4.95% in September.
Commercial auto renewal rates rose 4.64% in October, down from 4.70% in September.
General liability renewal rates rose 4.18% in October, down from 4.25% in September.
Workers compensation renewal rates declined by 1.57% in September, and were down 0.82% in September.
Kathy Hrach, vice president of product management at Ivans, said the rates are in line with macroeconomic inflation trends and expects the index numbers to further mirror broader economic trends as markets head into the end-of-year renewal season.
Ivans tracks more than 120 million data transactions and includes more than 32,000 agencies and 400 insurers and managing general agents in its monthly analysis.