Insurance Renewal Rates Increase in July
Data released by Ivans Insurance Solutions reveals that commercial insurance pricing continued to increase in most lines in July, but the rate of renewal price changes compared with the previous month was mixed. Businessowners policies saw the largest average increase with annual renewal prices rising 4.28 percent in July, up from a 4.18 percent average increase in June. Commercial property rates increased 4.12 percent, down from 4.25 percent in June, and commercial auto rates rose 4.03 percent, down from 4.39 percent in the prior month.
Meanwhile, umbrella liability rates increased 2.72 percent, up from 2.66 percent, and general liability rates increased 2.20 percent, down from 2.22 percent. The only major line of business where Ivans reports rate decreases was workers’ compensation, where prices fell 3.05 percent in July, little changed from the 3.06 percent decrease in June.