Commercial rate increases accelerate slightlyPosted On: Dec. 15, 2022 11:08 AM CST
The rate of commercial insurance premium increases ticked up in most lines in November, Ivans Insurance Services reported Thursday.
Commercial property insurance buyers saw the biggest annual increases with premium renewal rates rising 7.9%, up from 7.6% in October, according to the insurance exchange, which is a division of Tampa, Florida-based Applied Systems Inc.
Commercial auto rates increased 5.6%, up from 5.1% in the prior month; general liability rates rose 5.5%, up from 5.2%; and umbrella liability rates increased 5%, compared with 4.4%.
Business owner policy rates increased 6.7%, down from 7.2% in October; and workers compensation rates fell 1.8%, compared with a 1% decline in the prior month.