Insurance premium renewal rates accelerated in several major lines of commercial insurance coverage in November, but the pace of increases eased in property, according to Ivans Insurance Services, a unit of Applied Systems Inc.
In its monthly index released Tuesday, the Tampa, Florida-based insurance exchange said commercial auto renewal rates increased 9.2% in November, compared with 8.5% in October; business owners policy premiums rose 8.9%, compared with 8.8%; umbrella liability was up 6.3%, compared with 6.2%; and workers compensation rates increased 0.2%, compared with a 1.3% decrease.
Commercial property rates increased 9.9%, down from the 10.4% increase in October; and general liability rates rose 5.7%, matching the prior month’s increase.