Commercial insurance rate hikes accelerated across most major lines of coverage during the first quarter, according to a report from Ivans Insurance Services. 

Property rates again increased the most, with an average annual renewal rate hike of 10.5%, compared with 10.3% in the fourth quarter of 2023. 

Business owners’ policy rates rose 9.3% in the first quarter, compared with 9.1% in the fourth quarter; commercial auto was up 9.1%, compared with 8.8%; umbrella rates increased 6.8%, up from 6.4%; and general liability rates rose 5.9%, up slightly from 5.8%. 

The only major line to see rate decreases was again workers’ compensation, where rates slipped 0.9% in the first quarter, compared with a 0.6% decline in the fourth quarter.