The rate of renewal for commercial insurance increased in January for general liability, umbrella and employee compensation while commercial property, commercial car and business owners reduced renewal rates compared to December 2020, according to a report Wednesday from Ivans Insurance Services, a division in Tampa, Florida. based Applied Systems Inc.
Renewal rates for general liability increased by 3.69% in January, down from 3.59% in December.
The umbrella renewal rate increased by 4.29% in January, from 3.79% in December.
Employment benefits decreased by 1.02% in January, a decrease of less than 1.7% in December.
The renewal rate for commercial real estate increased by 5.63% in January, from 5.68% in December.
Commercial car renewal rates increased by 4.45% in January, from 5.03% in December.
The rate of renewal for business owners increased by 4.46% in January, from 4.64% in December.
"We see that the change in interest rates for general liability is steadily increasing month by month, while Commercial Auto has fluctuated every month and ended this month with a decrease in the premium change rate compared to the end of 2020," Kathy Hrach, Vice President of Product Management for Ivans, said in a statement.
Ivans tracks more than 1