Renewal rates for all major commercial insurance lines except workers compensation stayed in positive territory in July, according to a report released Wednesday by insurance exchange IVANS.
The Tampa, Florida-based unit of insurance technology firm Applied Systems Inc. said commercial auto premium renewal rates increased by an average of 3.28%, business owner’s policy rates increased 3.65%, commercial property rates increased 2.45%, and umbrella liability rates increased 1.40%.
General liability rates slipped 1.85%, however, while workers comp rates dipped to minus 1.41%, the first time this year comp rates dipped below minus 1%, IVANS said.
The monthly IVANS Index is a data-driven report of current conditions and trends for premium rate renewal change of the most placed commercial lines of business in the insurance industry. The index analyzes more than 120 million data transactions and measures the premium difference year-over-year, the company said in a statement.
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