Insurance Rates Climb, Workers Comp Falls in July

Commercial insurance rate increases accelerated in most major coverage lines in July, according to a report Tuesday from Ivans Insurance Services, a unit of Applied Systems Inc.

Commercial auto rates increased 9.8% in July, compared with 9.7% in June, business owners’ policy rates rose 8.7% compared with 8.4%, umbrella liability rates were up 8.4% compared with 8.3% and general liability was up 4.2% compared with 4.1%.

Commercial property rates rose the most at 11.8%, down from a 12.7% increase in June.

Workers’ compensation rates fell 1.3% compared with a 1.5% decline.

Source: BusinessInsurance.com