Many insurers continued to reduce premium rates in June to maintain market share or expand their business, according to brokers.

The National Insurance Brokers Association Market Conditions Questionnaire – issued after the regular renewals periods in January and June – showed 65% of respondents’ clients experienced rate reductions for commercial insurance.

The market experienced similar trends to those reported in January, with most brokers finding it very easy to obtain quotes. More than 60% of respondents said consolidation of the market had not made it more difficult to find insurance solutions for clients.

“There are still enough insurers to obtain comparison quotes, and there are a number of underwriting agencies and new players keeping the market competitive,” one respondent said.

Several brokers said they were also able to obtain rate reductions without requesting them.

“Brokers only had to do a reasonable marketing job to achieve significant, sometimes irrational, decreases,” another respondent said. “We also experienced insurers from the same group undercutting each other.”

Three out of 10 brokers said rate reductions were irrational, and 31% said insurers were cutting rates to achieve market share.

Most brokers said public liability, professional indemnity and business interruption rates increased 10-19%. Most respondents said directors’ and officers’ rates increased 1-9%.

The personal lines market has slightly softened in the past six months, according to respondents. Others said rate falls were counteracted by increases in stamp duty and fire services levies in some areas.