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Commercial property sees largest rate hike: Ivans

Posted On: Mar. 15, 2023 2:45 PM CST


Commercial insurance rates rose for most lines last month, but the pace of increases slowed for commercial auto and umbrella liability, according to Ivans Insurance Services monthly index.

Commercial property saw the biggest average rate hike of 8.86%, up from 8.67% in January, the index issued by the Tampa, Florida-based insurance exchange said Wednesday.

Business owners policy rates also accelerated to 7.18%, up from 6.87% the prior month.

Workers compensation was the only line of business that continued to see a decrease.

Commercial auto rate increases were up 5.64%, compared with 5.84%; general liability was up 5.37%, compared with 5.34%; and umbrella liability was up 4.98%, compared with 5.59%.