Commercial property/casualty rates in the US were flat or fell slightly during the first quarter of this year, according to an industry survey.

The Council of Insurance Agents and Brokers (CIAB) says renewal premiums for half of all account sizes held steady or dropped between 1% and 10% in the first three months of 2006.

The survey also shows 15% of respondent brokers said small accounts received premium quotes at renewal that were 10-20% lower than similar quotes received during the fourth quarter of 2005.

And for medium and large accounts, 22% and 24% respectively said they were down 10-20% from the previous quarter.

The CIAB Commercial Property/Casualty Market Index Survey is similar to the twice-yearly NIBA survey of members, which is now regarded as one of the most reliable indicators of premium fluctuations. CIAB members write more than 80% of commercial property/casualty premiums in the US.

According to an analysis of the CIAB data by Lehman Brothers Equity Research, commercial property/casualty accounts renewing in the first quarter of this year experienced an average rate decline of 2.7%.

The analysis and broker responses to open-ended questions in the CIAB survey suggest that the rate of decline in premium prices is slowing and in some cases may be stabilising.