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Four lines of commercial insurance saw month-over-month declines in premium renewal rate changes while two saw increases, according to a report Thursday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.
Commercial auto, general liability, commercial property and umbrella saw decreases in average premium renewal rates during February 2022 while business owners’ policy and workers compensation saw month-over-month increases in premium renewal rate changes during the month.
Business owners policy renewal rates rose 5.41% in February 2022, up from an increase of 5.28% in January.
Workers compensation renewal rates declined 0.95% in February, an increase from declining 1.26% in January.
Commercial property renewal rates rose 6.01% in February, down from 6.17% in January.
Umbrella renewal rates rose 4.68% in February 2022, down from 5.58% in January.
General liability renewal rates rose 4.11% in February 2022, down from 4.23% in January.
Commercial auto renewal rates rose 4.06% in February 2022, down from a 4.13% increase in January.
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.
Fourth-quarter renewal rates increased for general liability, commercial property, umbrella and workers compensation compared with the third quarter, according to a report Thursday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.