US commercial property sees largest rate hike: Ivans

Commercial insurance rates rose for most lines in the US last month but the pace of increases slowed for commercial auto and umbrella liability, according to Ivans Insurance Services monthly index.

Commercial property saw the biggest average rate hike of 8.86%, up from 8.67% in January.

Business owners policy rates also accelerated to 7.18%, up from 6.87% the prior month.

Workers compensation was the only line of business that continued to see a decrease.

Commercial auto rate increases were up 5.64%, compared with 5.84%. General liability was up 5.37%, compared with 5.34% in the previous month. Umbrella liability was up 4.98%, compared with 5.59%.

This article first appeared on our sister website Business Insurance. For further news from Business Insurance, please click here.

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