Ivans: Rates Increased in December
Ivans Insurance Solutions reports that commercial insurance prices continued to rise in most lines in December and throughout the fourth quarter of 2019. Commercial auto rates increased 5.12 percent on average in December, business owners policy premiums increased 4.75 percent, commercial property increased 4.65 percent, general liability increased 2.78 percent, and umbrella increased 2.71 percent. The only line to show a decrease in the month was workers’ compensation, where average renewal rates fell 3.05 percent. For the year, rates hikes varied by line and by month but were consistently higher across all lines except workers’ comp, where average renewal rates fell each month, according to the report.