Insurance industry shares have failed to capture investor enthusiasm this year, with Suncorp and IAG posting modest gains as broking groups slump amid a subdued premium outlook.

Suncorp shares grew 4% to $13.63 from January to last Friday’s close, while IAG gained 2.7% and QBE fell 0.3%.

QBE is yet to recover from a slump in December, when it forecast a loss of about $US250 million ($266 million) after writing down nearly $US1 billion ($1.07 billion) from US operations.

The company has since announced a number of changes to improve its North American business’ performance.

“The market is just waiting to see whether the actions are going to deliver a turnaround in operating performance and profit,” Morningstar Head of Financials David Ellis told insuranceNEWS.com.au.

Suncorp and IAG share gains have slowed after both posted strong growth in 2012/13, when premiums increased and a generally benign natural catastrophe environment prevailed.

Broker group Steadfast closed at $1.34 on Friday, down about 19% since the end of last year and little changed from its Australian Securities Exchange debut almost a year ago.

The stock was issued at $1.15, opened at $1.35 last August 2 and closed that day at $1.42. The shares were as high as $1.82 last November.

Rival group Austbrokers, which listed in 2005, has slumped 15% this year to close at $10.20 on Friday.

“Investors have expressed some concerns about the impact of a softening insurance cycle on the general insurance broking companies,” Wilson HTM analyst Stewart Oldfield said.

Comparison site iSelect continues to trade well below its initial public offering price of $1.85, dropping about 10% this calendar year to close on Friday at $1.30.

An exception to the trend is small general insurer/managing general agency Calliden. Its shares closed at 36 cents on Friday, up from 26 cents at the end of last year.

The S&P/ASX 200 index has gained 3% this year, while the broader All Ordinaries share index has risen 2%.