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Property, auto rate hikes accelerate in first quarter

Posted On: Apr. 20, 2023 11:50 AM CST

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Commercial insurance rates increased again in nearly all lines in the first quarter, with property renewals seeing the biggest hikes, according to Ivans Insurance Services.

Average commercial property insurance renewal rates increased 8.9%, accelerating from 8% in the fourth quarter of 2022, the Tampa, Florida-based insurance exchange reported.

Commercial auto rates also accelerated, increasing to 5.9% in the first quarter from 5.6% in the prior quarter.

Several other lines also recorded increases: business owners policy, or BOP, rates increased 7.1%; general liability rates rose 5.2%; and umbrella liability rates increased 5.1%.

Workers compensation was the only line that saw a decrease, with rates falling 1.4%.