Most commercial insurance rates rise in May

Commercial insurance rates increased in all major lines except workers compensation in May, but the sizes of the increases were mixed, Tampa, Florida-based Ivans Insurance Services reported Thursday.

Commercial property rates rose 6.49%, an increase over the 6.05% rise in April; business owners policy rates rose 5.67%, up from 5.56%; and general liability rates rose 4.85%, up from 4.64%.

In other lines, rate hikes decelerated slightly. Umbrella rates rose 5.12% in May, compared with 5.17% in April, and commercial auto rates rose 5.03%, down from 5.2%.

Workers comp rates fell 0.84%, compared with a drop of 0.91% in the prior month.