Insurance rate hikes sharpen in July

Insurance rate increases accelerated slightly in most lines in July, with only workers compensation prices decreasing, according to data from insurance exchange Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.

Commercial property insurance saw the largest rate hikes, with average rates increasing 5.8%, up from 5.68% in June; umbrella rates rose 4.73%, up from 4.6%; business owners policy rates climbed 4.87%, up from 4.66%; and general liability rates rose 4.17%, up from 4.07%.

Commercial auto rates increased 4.19%, down from 4.28%.

Workers comp rates slipped 1.93%, compared with a 2.06% decrease in June.