US commercial rate increases mixed

US commercial insurance rates rose for most risk last month but the hardening slowed in some lines, according to Ivans Insurance Services’ monthly index.

Workers compensation remained the only major line that softened.

Commercial property insurance saw the biggest hike in average rates at 8.7%, an acceleration from the 8.4% increase in December.

Umbrella liability rate increases also accelerated, up 5.6% on average compared with 5.4% in December.

But other lines saw a slowdown in rate hikes. Business owners policy rates increased 6.9%, compared with 7.2%. Commercial auto increased 5.8%, compared with 6.1%. General liability was up 5.3%, compared with 5.7%.

Workers comp rates fell 1.9% in January, slightly more than the 1.7% decrease in December.

The mixed picture in January follows news from Ivans that most major US commercial insurance lines saw average premium renewal rate increases accelerate during Q4.

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