Insurance premium renewal rates continue to rise
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Commercial insurance premium renewal rates increased in the mid-single digits for most lines in November, insurance exchange Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc., said Tuesday.
Commercial property saw the highest average rate increases at 5.77%, but that was down from 5.93% in October. Umbrella rates increases of 4.97% were also down slightly from the prior month.
Several other lines saw a slight uptick in rate hikes. Business owners policy rates increased 5.74%, up from 5.24% in October; commercial auto rose 4.89%, compared with 4.64%; and general liability rose 4.27%, up from 4.18%.
Workers compensation rates fell 0.75%, but that was a lower rate of decline compared with October when rates fell 1.57%.
