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Most commercial interest rates rise during the third quarter: Ivans



Average premium renewal rates increased across most commercial industries during the third quarter, according to insurance exchange Ivans Insurance Services, a division of Tampa-based Applied Systems Inc.

Prices rose in commercial car, corporate policy, general liability, umbrella and commercial real estate compared with the third quarter of 2019. However, the average premium renewal rates of the employment allowance decreased.

The change in the premium renewal price for the third quarter for commercial property insurance was on average 5.30%. The quarterly high was 5.48% in August and the lowest 5.01% was in September.

In commercial cars, the change in the premium renewal percentage averaged 4.46% for the quarter, with a quarter high in July of 5.1

0% and the quarter in August was 3.20%.

For the business owner's policy, the quarterly premium change rate was 4.76%. The quarterly high was 5.00% in August and the lowest 4.38% in July.

The change in the premium renewal price for the third quarter for general liability insurance averaged 3.44%. The quarterly high was 3.61% in August and the lowest 3.25% was in September.

For umbrella insurance, the change in the premium renewal price for the third quarter averaged 3.09%. The quarterly high was 3.27% in August and the lowest 2.78% in September.

The average change in the premium renewal for labor insurance decreased by 2.41%, with the highest quarter down 2.07% in September and the lower 2.66% in July.

The Ivan's Index analyzes more than 120 million data transactions, from more than 32,000 agencies and 400 insurance companies and CEOs.

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