IVANS — a division of Allied Systems — tracks insurance rates. It found July figures for most commercial lines — while down from June — stayed in positive territory. Only workers’ compensation took a dip and fell close to 1.4% below July of last year.
• Commercial Auto: Rose 3.28%. That’s up from 2.41% in June.
• BOP: Jumped 3.65%. That’s down from June’s 4.11%.
• General Liability: Went up 1.85%. That’s also down from June’s 2.22% increase.
• Commercial Property: Rose 2.45% but that’s down from 3.52% in June.
• Umbrella: Up 1.40% and that’s up from 0.97% at the end of June.
• Workers’ Compensation: Down1.41%. And that’s down 0.86% from June.
Matt Foran of IVANS said, “The latest IVANS Index figures show that premium renewal rate change across the industry remained consistent, with Commercial Auto and Umbrella premium renewal rate change experiencing the greatest positive increase while Workers Compensation continues to trend more negatively.”
Source links: Insurance Journal, PropertyCasualty360.com