Rate increases slow in most lines in Q1: Ivans

The pace of commercial insurance rate hikes slowed slightly in most major coverage lines in the first quarter, according to a report Tuesday from Ivans Insurance Services, a unit of Applied Systems Inc.

Umbrella liability was the only line where rates accelerated, with average renewal rates of 9.3% in the first quarter compared with 8.8% in the fourth quarter of 2024.

Among other lines, commercial auto saw the biggest increase at 9.2%, but that was down from 9.8% in the fourth quarter. Commercial property insurance rates increased 8.6% in the quarter, compared with 9.7%; business owners policy rates also rose 8.6%, compared with 9.1%; and general liability rate increases stayed steady at 4%.

Workers compensation was the only line that saw price decreases, with rates again slipping 1.5% in the quarter.