Commercial insurance rate increases slow: Ivans

Commercial insurance rate increases slowed slightly in most major coverage lines in October, and rate decreases accelerated in workers compensation, according to a report Tuesday from Ivans Insurance Services, a unit of Applied Systems Inc.

Commercial property continued to see the most significant annual rate increases, averaging 11.2% for business renewing last month, down from 11.8% in September.

In other lines, commercial auto rose 9.6%, compared with 9.7%; business owner’s policy rates increased 8.7%, compared with 8.8%; umbrella was up 8.5% compared with 8.6%; and general liability rose 3.9% compared with 4.5%.

Workers comp rates slipped 1.4%, compared with 1.2%.