Commercial insurance rates in all lines except workers compensation rose in the second quarter, with several lines seeing increases of about 10%, according to a report Thursday from Ivans Insurance Services, a unit of Applied Systems Inc.
Commercial property rates saw the biggest renewal premium rate hike at 10.9%, compared with 10.5% in the first quarter. This contrasts with a report released Wednesday by Marsh LLC showing property rate hikes slowing significantly. The pricing reports vary by the companies surveyed, with Marsh, the world’s largest brokerage, concentrating on its clients and Ivans surveying placements across multiple agencies.
Business owners policy rates increased 9.5% in the second quarter, compared with 9.3% in the first quarter, according to Ivans. Umbrella liability rates increased 9.6%, compared with 6.8%, and commercial auto rates rose 9.3%, compared with 9.1%.
General liability rates continued to rise, but the pace of increase moderated, with prices rising 4.9% in the second quarter, compared with 5.9% in the prior period.
Workers comp rates continued to fall, slipping 1.28%, compared with a 0.88% decrease.
