US commercial market premiums show signs of levelling off in Q4

US commercial property and casualty market premiums showed definite signs of levelling off in 2008 Q4 across small, medium and large accounts and for most major lines of commercial business, according to The Council of Insurance Agents & Brokers (CIAB)’s Commercial P/C Market Index Survey.
The survey included 120 responses from agents and brokers.
“We see evidence in the fourth quarter that premium rates eased as insurers tried to hold the line on pricing, Ken A. Crerar, president of CIAB, said in a release. “It’s still a competitive market, but we think this may signal the bottom of the soft market, following six years of steady decline.  We will see if this trend continues in the first quarter of 2009 as price increases in the reinsurance market begin to trickle down and as the full impact of the economy and market conditions comes home to roost on insurers’ bottom line.”
During Q4 43% of the agents and brokers responding to the survey reported that premiums for small accounts were down between 1% and 10%, with 35% reporting no change in premiums as compared with Q3, CIAB reports
Premiums were down between 1% and 10% for 50% of medium accounts, while 17% saw decreases in the 10-20% range and 18% saw no change in rates. 
Premiums for large accounts saw more slippage, but not as much as in Q3, the council notes.
Rates declined 1-10% according to 41%of respondents, while 21 brokers said rates dropped 10-20% and 17 reported no change in rates since Q3, it adds.