BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
Commercial insurance rates accelerated in most lines in the second quarter as property renewals continued to see the biggest hikes, according to a report issued Tuesday by Ivans Insurance Services.
Average commercial property premium renewal rates increased 9.77%, up from 8.89% in the first quarter of 2023, the Tampa, Florida-based insurance exchange reported.
General liability was the only line that saw rates moderate, as premium renewal rates increased 5.21% in the second quarter, down slightly from 5.23% in the first quarter.
Other lines of business also saw average rate increases accelerate: commercial auto rates increased 6.5%, up from 5.85% in the first quarter; business owners policy rates increased 7.56%, from 7.12%; and umbrella liability rates increased 5.12%, from 5.08% in the prior quarter.
Workers compensation was the only line that saw a decrease, with rates falling 1.10%, but this was less than the 1.36% decrease recorded in the prior quarter.