Renewal rate changes generally down in August: Ivans

Average premium renewal rate changes for most major commercial lines decreased in August compared with July, according to Monday’s Ivans Index from Ivans Insurance Services.

The commercial auto August renewal rate change was 7.19%, down from 7.96% in July.

The business owner’s policy renewal rate change was 7.65%, up from up from 7.55% at the end of July.

The renewal rate change for general liability was 5.91%, up from July’s 4.98%.

Commercial property saw a renewal rate change of 7.84% in August, down from 7.98% in July.

The renewal rate change for Umbrella coverage was 9.02%, up from 8.83% in July.

The workers compensation’s August renewal rate change was -1.45%, compared with -1.48% last month.