The total cost of risk – the cost of insurance and financing methods – was up 2% last year compared with 2012, reflecting a hardening market, according to the Risk and Insurance Management Society (RIMS).

The figure moved to $US10.90 ($11.70) per $US1000 ($1074) of revenue, the annual RIMS Benchmark Survey shows. In 2012 it had risen 5%.

The survey, produced with analytics company Advisen, measures six types of cost: premiums, retained losses, internal administration, outside services, financial guarantees, and fees and taxes.

Advisen says rates have increased at a moderate pace. Some lines are decreasing, but these falls are slowing.

Property premiums contributed $US3.09 ($3.32) to the total cost last year, compared with $US3.54 ($3.80) in 2012.

Advisen examined data for 52,000 insurance programs from almost 1500 organisations.