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Most commercial insurance rates rise in May

rising chart

Commercial insurance rates increased in all major lines except workers compensation in May, but the sizes of the increases were mixed, Tampa, Florida-based Ivans Insurance Services reported Thursday.

Commercial property rates rose 6.49%, an increase over the 6.05% rise in April; business owners policy rates rose 5.67%, up from 5.56%; and general liability rates rose 4.85%, up from 4.64%.

In other lines, rate hikes decelerated slightly. Umbrella rates rose 5.12% in May, compared with 5.17% in April, and commercial auto rates rose 5.03%, down from 5.2%.

Workers comp rates fell 0.84%, compared with a drop of 0.91% in the prior month.