Fierce competition among US property and casualty insurers continued to keep premium rates low during the first quarter.

Data from the Council of Insurance Agents & Brokers shows rates declined by 5.3% on average during the first quarter, against a 5.6% fall in the fourth quarter of 2009.

Council President Ken Crerar says commercial rates are unlikely to rise in the foreseeable future.

“There was some wishful thinking on the carrier’s part to increase rates on renewal, but that didn’t stick if there was any competition for the business,” he said.