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Rate hikes slow for most lines in April


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.