Heavy competition continued to keep US commercial insurance rates flat during the fourth quarter, according to global financial services firm Towers Watson.

After nearly five years of steadily falling prices, the firm’s most recent Commercial Lines Insurance Pricing survey found little or virtually no price increases throughout 2009.

A survey of policies from 36 insurance companies found small increases across several lines were offset by falls in workers’ compensation and employment practices liability covers.

Towers Watson says longer-term inflationary pressures linked to financial crisis rescue packages may lead insurers to “exhibit more discipline” in future pricing.