US insurance rate hikes accelerate in most lines
US insurance premium renewal rates climbed in October in five out of six lines of coverage tracked by Ivans Insurance Services, a unit of Applied Systems Inc.
Commercial property insurance rates increased the most, rising by an average 10.4% last month, compared with 9.9% in September.
In other lines, business owners’ policy rates increased 8.8%, compared with 7.6% in the prior month; commercial auto was up 8.5%, compared with 7.4%; umbrella rates were up 6.2%, compared with 5.2%; and general liability rates rose 5.7%, compared with 5.3%.
The only major line to see a decrease was workers compensation, where rates fell 1.3% – a slight slowdown from the 1.4% decrease in September.
The analysis is based on information from 38,000 agencies and 600 insurers in the US, Ivans said in a statement.
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