Commercial industries published increased average premium renewal rates in almost all major areas except for workers' compensation during the second quarter, according to a report issued Thursday by the Ivans Insurance Services stock exchange.
Commercial property insurance had the largest increase for the quarter, with average renewal rates increasing 5.29% and reaching a peak of 5.51% in April.
Corporate policies reported the second highest increase, averaging 4.97% for the quarter, compared to the first quarter average of 4.65%. The exchange rate change was 4.64% in June.
Premium renewal rates for commercial vehicles averaged 4.72% for the quarter, with a quarter high in April at 4.8% and a quarter low in June at 4.63%.
General liability renewal rates increased to an average of 3.29% for the quarter, compared to 3.08% for the first quarter. The lowest average interest rate change during the quarter, 3.23%, was in May, which was higher than any of the average renewal changes reported during the first quarter.
Umbrella renewal rates rose an average of 3.25% in the second quarter compared to 3.06% in the first quarter, reaching its high in June by 3.56%, according to the report.
The average for renewal of workers' premium renewal fell 2.41