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Insurance rate increases accelerate in Q1

rising chart

Commercial insurance rate hikes accelerated across most major lines of coverage during the first quarter, according to a report Monday from Ivans Insurance Services, a unit of Applied Systems Inc.

Property rates again increased the most, with an average annual renewal rate hike of 10.5%, compared with 10.3% in the fourth quarter of 2023.

Business owners policy rates rose 9.3% in the first quarter, compared with 9.1% in the fourth quarter; commercial auto was up 9.1%, compared with 8.8%; umbrella rates increased 6.8%, up from 6.4%; and general liability rates rose 5.9%, up slightly from 5.8%.

The only major line to see rate decreases was again workers compensation, where rates slipped 0.9% in the first quarter, compared with a 0.6% decline in the fourth quarter.