Liability rate hikes accelerate in May
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Rates increases for a range of liability and small-business insurance coverages gathered speed in May, while property rate hikes remained stable, according to a report Friday from Ivans Insurance Services, a unit of Applied Systems Inc.
Business owners policy renewal rates rose the most in May, climbing 12.1%, compared with 7.9% in April.
In other lines, umbrella liability rose 11.1%, compared with 9.5%; commercial auto rates rose 10%, compared with 8.2%; general liability rates increased 5.8%, up from 4.8%; and property rate hikes edged down to 9.9% from 10%, according to Ivans.
Workers compensation rates continued to decline but at a slower pace, declining 0.2% in May, compared with a 2.2% fall in April.
