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Rate increases accelerate in several insurance lines

rising chart

Insurance premium renewal rates accelerated in several major lines of commercial insurance coverage in November, but the pace of increases eased in property, according to Ivans Insurance Services, a unit of Applied Systems Inc.

In its monthly index released Tuesday, the Tampa, Florida-based insurance exchange said commercial auto renewal rates increased 9.2% in November, compared with 8.5% in October; business owners policy premiums rose 8.9%, compared with 8.8%; umbrella liability was up 6.3%, compared with 6.2%; and workers compensation rates increased 0.2%, compared with a 1.3% decrease.

Commercial property rates increased 9.9%, down from the 10.4% increase in October; and general liability rates rose 5.7%, matching the prior month’s increase.