Insurance premiums have continued to climb gradually upward, according to the National Insurance Brokers Association’s (NIBA) half-yearly market survey.

Some 72% of NIBA brokers reported increases in most premiums after the June 30 renewals period, while just 4% reported falling premiums.

Asked to rate market hardness on a soft-to-hard scale from 1-10, 78% of brokers put the market between 4 and 7, with personal lines rated harder than commercial classes.

Commercial motor, business pack, property and business interruption lines were among those commercial classes most exposed to upward pressure on premiums.

Within commercial motor, 58% of respondents put the average rate increase between 1-9% while 29% noted sharper rises of between 10-30%.

The average business pack premium climbed between 1-9% according to 64% of respondents while a further 18% put increases between 10-30%.

“Most accounts have small increases, but larger accounts are negotiable,” one broker said in a written response.

“Renewals are facing a slight increase or rollover, while new business is very competitive with significant reductions gained,” another said.

NIBA CEO Noel Pettersen says the majority of rate increases have been slight, “but some of the rises for harder-to-place risks and commercial motor are significant”.

“It is hardly surprising that insurers, in the face of higher claims, falling investment earnings and severe weather events have lifted rates,” he said.