Premiums in the US have continued their upward trajectory as insurers price up risk or walk away from loss-making market sectors.

The latest survey from the Council of Insurance Agents and Brokers (CIAB) on pricing trends shows commercial lines rose by 5% on average in the fourth quarter of 2012, the largest price rise in more than a year. Premiums in the third, second and first quarters of 2012 rose by 3.9%, 4.3% and 4.4% respectively.

Small accounts generally experienced larger increases than larger ones, while rates in commercial property and workers’ compensation experienced the steepest price rises.

“[Insurers] were still cautious about the risks they were putting on their books and pushed for price increases where they could get them,” CIAB CEO Ken Crerar said.

He says the general feeling of the market is that underwriters are examining their exposures and are willing to “walk away rather than get caught short”.

US insurance exchange MarketScout has reported similar movements in US premiums. According to its latest monthly report for January, commercial rates climbed 5% on a composite basis, with commercial property and general liability leading the trend at 6% growth respectively. Personal lines were also up across the board by an average of 4%.