Many commercial lines of insurance, including business owner policies and general liability, saw average premium renewal rates month-over-month in January, Ivans Insurance Services, a division of Applied Systems Inc. based in Tampa, Fla., said in a report Thursday .
However, according to Ivans, almost all lines except for workers’ compensation saw an increase in the average renewal rate year over year.
Premium renewal rates fell in January for commercial autos, business owner policies, general liability and workers’ compensation, but commercial real estate and umbrellas posted higher rates than December, Ivans said.
Commercial property renewal rates rose 6.17% in January, up from 6.14% the previous month. According to Ivans, umbrella rates rose 5.58% from December’s 5.40%.
Commercial auto interest rates rose 4.13% in January from 4.55% in December, while policy rates for business owners rose 5.28% from 5.77% in the previous month.
General liability renewal rates rose 4.23% in January compared to 4.78% in December. Labor compensation rates fell 1.26%, compared with a 1.16% decline in the previous month.
Most lines of business ended 2021 with their highest average premium renewal rates, Ivans said in a previous report.