Rate hikes slow for most lines in April
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Commercial insurance rates continued to rise for all major lines except workers compensation last month, but the pace of increases eased for most coverages, according to a report Thursday from Ivans Insurance Services, a unit of Applied Systems Inc.
Umbrella liability was the only line of coverage where average renewal rate hikes accelerated, rising to 9.5% in April from 7.1% in the prior month.
In other lines, commercial property rates increased 10%, compared with 10.5%; commercial auto rates were up 8.2%, compared with 9.6%; business owners policy rates rose 7.9%, compared with 8.8%; and general liability rates were up 4.8%, compared with 6.1%.
Workers comp rates fell 2.2%, compared with a 1.6% decline, Ivans reported.
