Commercial Insurance Rates Rise as Workers Comp Stays the Same

Commercial insurance rates rose for most lines last month, but for some the pace of increases slowed, according to Ivans Insurance Services monthly index.
Workers compensation remained the only major line that saw a decrease.
Commercial property insurance saw the biggest hike in average rates at 8.7%, an acceleration from the 8.4% increase in December, the index issued by the Tampa, Florida-based insurance exchange said Thursday.

Umbrella liability rate increases also accelerated, up 5.6% on average, compared with 5.4% in December.

Other lines saw a slowdown in rate hikes. Business owners policy rates increased 6.9%, compared with 7.2%; commercial auto increased 5.8%, compared with 6.1%; and general liability was up 5.3%, compared with 5.7%.

Workers comp rates fell 1.9% in January, slightly more than the 1.7% decrease in December.