Rate hikes accelerate in most lines in Q4: Ivans
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Insurance rates for most major lines of commercial coverage increased at a faster pace in the fourth quarter, compared with the prior quarter, according to Ivans Insurance Services, a unit of Applied Systems Inc.
Commercial property insurance again saw the largest increases, with rates increasing 10.3%, compared with 10.1% in the third quarter.
In other lines, business owners policy rates rose 9.1%, compared with 7.7% in the prior quarter; commercial auto rates increased 8.8%, compared with 7%; umbrella rates were up 6.4%, compared with 5.3%; and general liability rates rose 5.8%, compared with 5.4%.
Workers compensation rates fell again, but the pace of decline slowed to -0.6% from -1%.
“Notably, BOP, general liability, commercial property and umbrella ended the year with their highest average premium renewal rate change,” Ivans said in a statement.
