Ivans: Commercial Insurance Rates Keep Rising
According to Ivans Insurance Services’ monthly pricing index, commercial insurance rates continued to rise in most lines in July, although in some cases the pace of the increases slowed slightly from the prior month. The data “continues to demonstrate a hardening market,” said Brian Wood, vice president of the data products group at Ivans.
Commercial property insurance saw the biggest rate increases last month at 5.4 percent, with rates rising at a slightly faster pace than the 5.2 percent increase in June. Rate increases also accelerated for commercial auto, up 5.1 percent in July compared with 4.6 percent in June, and general liability, where rates increased 3.5 percent compared with 3.4 percent in the prior month.
Umbrella rates rose 3.2 percent in July, which was slower than the 3.6 percent in June, and business owners’ policy rates rose 4.4 percent compared with 4.6 percent in the prior month. Workers’ compensation remained the only major line of business where rates declined, down 2.7 percent in July compared with a 2.5 percent decrease in June.