Premium rates are heading higher, industry analysts say.

We are clearly through the bottom of the insurance premium cycle and premium rates are now hardening, according to research by leading insurance industry analysts.

Insured losses continue to rise more than two months after catastrophic storms battered Melbourne and Perth at a combined cost of more than $1.85 billion. 

Insurance Council of Australia figures reveal WA insurers have received 143,451 claims worth a total of $932.4 million, while the Melbourne storm has resulted in 125,178 claims valued at $915 million.

Claims from the Perth event rose 22,951 in the past month, with insured losses increasing by $43.4 million.

In the same period an additional 19,178 claims for Melbourne were lodged, with insured losses increasing by $25 million.