US rates up as hardening accelerates in some lines: Ivans

All US commercial insurance lines saw year-over-year increases in average premium renewal rates in October apart from workers compensation, shows data from Ivans Insurance Services.

Business owners policies and commercial property policies saw the biggest premium renewal rate increases year over year, according to the insurance exchange.

Month on month, the picture was mixed, with bigger increases in commercial auto, business owners policies and workers compensation, while general liability, commercial property and umbrella saw declines in the average premium renewal rate change.

Commercial property saw an average premium renewal rate increase of 7.55% in October, down from 7.65% at the end of September, while business owners policies saw an increase of 7.15%, up from 6.63% the prior month.

Premium renewal rates for commercial auto increased 5.12%, up from 5.05% in September. General liability rates increased 5.24%, down from 5.4%. While umbrella coverage rose 4.44%, down from 5.25%.

Workers compensation premium renewal rates decreased 1.01% on average, slightly less than the 1.02% decrease in September.

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