Commercial Prices Up in May - IVANS
Ivans Insurance Services reports that commercial insurance prices increased across most business lines in May, but the pace of those increases were down compared to April. Commercial property insurance rates saw the biggest increases in May at 5.06 percent. But that was down from the 5.51 percent recorded in April. Business owners policies recorded a 5.06 percent increase on average, compared with 5.22 percent in April. Commercial auto rates, general liability rates, and umbrella liability rates all increased by 4.74 percent, 3.23 percent, and 3.01 percent, respectively. Those rates were also down compared to rates recorded in April. Workers’ compensation rates dropped 2.68 percent, which was larger than the decline of 2.06 percent in April.