This is all according to the RIMS Benchmark Survey, the industry’s survey of policy renewal prices as reported by North American corporate risk managers.

Advisen says that this data from RIMS Benchmark Survey corroborates its own forecast that a dramatic shift to higher rates is unlikely and that due to the impact of the recession, commercial insurance buyers will see a more gradual hardening of the market.

General liability premiums fell 3.8 percent for policies renewing during the first quarter of 2009, as compared to a 5.9 percent decline in the fourth quarter of 2008. The average workers’ compensation premium fell 2.5 percent which is similar to price decreases over the past several quarters.

The average property renewal was flat for the first quarter as compared to a decline of 3.8 percent in the fourth quarter of 2008. However, there was a wide range of changes in recent renewal premiums for individual property risks: premium changes ranged from a decrease of 11 percent to an increase of 14 percent.

The D & O market continued to be split between financial institution risks and all other commercial risks. Overall, the average D & O premium increased by 3 percent, but the increase was driven entirely by financial companies.

Dave Bradford, Advisen’s executive vice president and editor-in-chief of RIMS Benchmark Survey said that insurers struggle against falling rates, increased losses in some lines, and sharply lower investment income due to the credit crisis, but the commercial insurance industry is still overcapitalized.He expects to see a favorable pricing environment for risk managers through 2009.