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Most commercial premium renewal costs increased during the third quarter



The increase in commercial insurance premiums accelerated in almost every major industry during the third quarter, according to a report Tuesday from Ivan Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.

The exceptions were commercial cars, which saw a slowdown of the increase and labor compensation, the only line where the levels of renewal remained in negative territories, Ivans said. during the second quarter; general debt rose 4.21%, up from 3.95%; commercial property rates rose 5.77%, up from 5.54%; umbrella interest rates increased by 4.85%, up from 4.40%.

Commercial car renewal rates rose by an average of 4.32%, from 4.51% in the second quarter. with an interest rate cut of 1

.40%, compared with a decrease of 1.74% during the second quarter.

The third quarter index results continue to show "we are operating in a tough market", said Kathy Hrach, vice president of product management at Ivans in a statement.

"In fact, commercial vehicles, BOPs, general liability, umbrella and employee compensation reached their highest average premium renewal rate for the year in September," Hrach said.


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