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Most Commercial Rates Rise in November

A report by the insurance exchange IVANS shows that premium renewal rate changes were positive in November for most standard commercial lines. IVANS, a unit of the insurance technology firm Applied Systems Inc., said commercial auto premium renewal rates rose an average of 3.2 percent...
December 11, 2017

A report by the insurance exchange IVANS shows that premium renewal rate changes were positive in November for most standard commercial lines. IVANS, a unit of the insurance technology firm Applied Systems Inc., said commercial auto premium renewal rates rose an average of 3.2 percent. Meanwhile, general liability premium rates increased by 1.7 percent, umbrella rates by 1.2 percent, commercial property rates by 2.8 percent, and business owner's policy premium rates by 4 percent. The only line to see declines was workers’ compensation, with rates down 1.8 percent, compared with a decrease of 2.2 percent the prior month.

“The latest IVANS Index figures demonstrated continued variance month to month as they did in October’s findings, with premium renewal rate change across the industry remaining mainly positive,” said Matt Foran, vice president of IVANS Markets. “As we close in on year-end and renewal season, IVANS Index will provide guidance for agents advising clients on policy changes and insurers with market intelligence to support pricing strategies.”

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