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Rate hikes continue, but pace drops in some lines

Posted On: Aug. 8, 2023 12:09 PM CST


Average annual premium renewal pricing increased in most lines of commercial insurance coverage last month, but the pace of rate hikes slackened in several areas, according to a report Tuesday from Ivans Insurance Services, a unit of Applied Systems Inc.

Among lines where rate increases accelerated, commercial property was up 9.7% in July, compared with 9.3% in June; commercial auto was up 6.6%, compared with 6.5%; and business owners policy rates increased 7.8%, compared with 7.6%.

In lines where the level of increases fell, general liability rates rose 5.4%, compared with 5.6% in the prior month and umbrella rates rose 4.9%, compared with 5.9%.

Workers compensation rates fell by 0.5% in July compared with 0.7% in July.