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INSURANCE RATES: Things are shifting After several years of renewal increases in most lines of insurance, four lines — commercial auto, general liability, commercial property and umbrella — saw declines in renewal rates last month.
Work comp continues to lose ground but the decrease is an increase over the drop in January. The renewal rates for workers’ compensation fell 0.95% in February which is down from the 1.26% drop the month before.
That news comes from Ivans Insurance Services.
A different report shows a different picture at the end of last year. Willis Towers Watson said, on average, commercial insurance prices rose over 7% in the fourth quarter of 2021 when compared to 2020.
The same report notes that two lines — workers’ compensation (surprise there) and business owners’ policy — saw increases. BOP rates jumped 5.41% in February. That’s up 5.28% over January’s rates.
The largest increase was in professional liability. Source: Business Insurance
April 2022 | Main Street Industry News | www.pianeia.com | 21
