Premium renewal rates increased monthly in November for corporate ownership policies, general liability, commercial property and employee compensation, while prices fell for commercial cars and umbrellas, according to a report Wednesday from Ivans Insurance Services, a division in Tampa, Florida-based Applied Systems Inc.
Renewal rates for commercial real estate increased by 5.66% in November, from 5.52% in October. Business owners' key interest rates rose 4.68%, up from 4.39% in October, according to Ivans.
General debt rates rose 3.43% in November, up from 3.38% in October. Labor compensation decreased by 1.90%, compared with a decrease of 2.78% in October.
Commercial car interest rates rose 3.93%, compared to 4.43% the previous month. Umbrella speeds increased by 2.82% after rising by 3.78% in October.
"The Ivans Index continues to show hardening rates across major industries, but with a slight softening of interest rates compared to months before for commercial vehicles and umbrellas," Kathy Hrach, vice president of product management at Ivans, said in a statement.
Ivans tracks more than 1