Rate hikes continue, but pace drops in some lines

Average annual premium renewal pricing increased in most lines of commercial insurance coverage last month, but the pace of rate hikes slackened in several areas, according to a report Tuesday from Ivans Insurance Services, a unit of Applied Systems Inc.

Among lines where rate increases accelerated, commercial property was up 9.7% in July, compared with 9.3% in June; commercial auto was up 6.6%, compared with 6.5%; and business owners policy rates increased 7.8%, compared with 7.6%.

In lines where the level of increases fell, general liability rates rose 5.4%, compared with 5.6% in the prior month and umbrella rates rose 4.9%, compared with 5.9%.

Workers compensation rates fell by 0.5% in July compared with 0.7% in July.