After several years of renewal increases in most lines of insurance, four lines — commercial auto, general liability, commercial property and umbrella — saw declines in renewal rates last month.
That news comes from Ivans Insurance Services.
The same report notes that two lines — workers’ compensation (surprise there) and business owners’ policy — saw increases. BOP rates jumped 5.41% in February. That’s up 5.28% over January’s rates.
Work comp continues to lose ground but the decrease is an increase over the drop in January. The renewal rates for workers’ compensation fell 0.95% in February which is down from the 1.26% drop the month before.
A different report shows a different picture at the end of last year. Willis Towers Watson said, on average, commercial insurance prices rose over 7% in the fourth quarter of 2021 when compared to 2020.
The largest increase was in professional liability.
Source link: Business Insurance — https://bit.ly/3IgVJkV
Insurance Rates — Things are Shifting
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