Rate hikes slowed for most lines in February: Ivans

Commercial auto coverage was the only major insurance line where rate increases accelerated in February, according to a report Tuesday from Ivans Insurance Services, a unit of Applied Systems Inc.

Commercial auto policyholders renewing last month saw average rate increases of 9.53%, compared with 9.41% in January. Auto coverage also overtook property insurance as the line with the highest increase.

Umbrella liability rates saw the second largest monthly increase at 9.03%, down from 9.47%; commercial property rose 8.34%, down from 9.74%; rates for business owners policies, or package policies for small businesses, increased 8.48%, slipping from 9.02%; and general liability rates rose 3.95%, down from 4.19%.

Workers compensation rates continued to fall with the pace of price drops increasing to 1.55%, compared with 1.44% in January.