Q3 Commercial Property Rates Rise: IVANS
Four of six commercial property/casualty insurance lines posted higher premium renewal rates during the third quarter of 2019, compared with the prior quarter, according to an analysis by insurance exchange Ivans Insurance Solutions. However, year over year, commercial pricing increased across all lines in the quarter except workers compensation, Ivans said in its report.
Commercial property rates rose 4.20 percent in the quarter, up from 3.92 percent average increases in the second quarter; umbrella liability rates averaged 2.66 percent increases in the quarter, versus 2.59 percent in the prior quarter; general liability rates increased 2.51 percent, up from 2.29 percent; and workers compensation rates declined 2.92 percent, a narrowing from average rate decreases of 3.56 percent the prior quarter. MarketScout also reported rate increases in U.S. commercial property/casualty insurance rates in the third quarter of 2019.