Massachusetts small businesses and individuals whose annual health insurance policies renew in the three months starting April 1 face average premium base rate increases of 2.7 percent — more modest than the 3.6 percent boost in base rates for the current quarter — according to data released Wednesday by the state Division of Insurance.

The rate hikes for the second quarter, the largest renewal period for small employers and independent contractors, follow two quarters in which average base rates edged up in that market. In the second quarter of last year, the average increase was 1.8 percent.