Premium increases are being noted by New Zealand brokers, but so far the June renewals season has revealed no standardised rates of increase, according to Insurance Brokers Association of New Zealand CEO Gary Young.

He says each case is being treated differently, with some increases – especially in the area of earthquake cover – of as much as 300%.

Leading personal lines insurer AA Insurance told NZ media last week that customers could expect rises of 50% or more for home and contents policies.

But Mr Young told insuranceNEWS.com.au that commercial lines are “seeing more significant increases occurring” than personal lines.

He says some older buildings in the Wellington region could face earthquake premium rises as high as 300%.

There have also been “significant changes” in the amount of excess being charged for those earthquake policies.

He says these excesses are now being calculated on a percentage of the site value, which is a “significant increase in the exposure of the owner of the property or building”.