January’s Commercial Rates — Still Risin’

Ivans Insurance Services produces a monthly index showing insurance rates. For the last few years, those rates have been rising every month. January of 2023 is no exception.

The insurance services firm notes that commercial property insurance had the biggest hike in January at 8.7%. That’s up .3% from December’s 8.4%. Umbrella rates jumped an average of 5.6%.

December of 2022 had umbrella policies rising 5.4%.

Most other lines saw a slowdown over December of 2022. BOP policies rose an average of 6.9%. That’s down from 7.2% in December of last year. Commercial auto jumped 5.8% but in December of 2022, that figure was 6.1%.

General liability rose an average of 5.3% compared to 5.7% in December of 2022.

Only workers’ compensation rates fell in January. They dropped 1.9%. That’s just a tad less than the 1.7% drop in December.

Source link: Business Insurance — http://bit.ly/3k4AufY

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