Insurance costs still rising

A recent survey by the National Insurance Brokers Association found that prices for ‘long-tail’ insurance classes like public liability and professional indemnity have continued to climb.

Construction companies, the hospitality industry and community groups experienced the biggest increases in public liability premiums.

In the case of professional indemnity insurance, the financial services sector, real estate agents and other commission-based professionals have been hardest hit.

On the positive side, the NIBA survey found that some commercial insurance classes have experienced a minimal reduction in rates since December 2003.

It also found that the proportion of brokers who rated the ‘hardness’ of the market at nine (out of 10) had fallen from 31 per cent last year to 2 per cent this year.