Renewal rates up for all major commercial lines in April: Ivans
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All major commercial lines of business saw month-over-month premium renewal rate increases in April, Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc., reported Thursday.
Commercial property renewal rates rose 10.09%, up from a 9.14% increase in March 2023.
Business owners policy renewal rates rose 7.6%, up from a 7.31% increase in March.
Commercial auto renewal rates increased 6.16% in April, up from an increase of 6.07% the prior month.
General liability renewal rates rose 5.5%, up from a 4.98% increase in March, while umbrella renewal rates also increased 5.09%, up from a 4.67% increase the prior month.
Workers compensation renewal rates declined 1.22%, an increase from a 1.33% decline in March.
On a year-over-year basis, renewal rates were more variable, with most lines, except umbrella and workers comp, seeing increases in premium renewal rates, Ivans said.
