Commercial price hikes accelerate in Q2: Ivans

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.