The fourth-quarter renewal information was summarized by Advisen Ltd. for RIMS. The data in this latest fourth-quarter poll represents the most data ever collected in the history of the survey, Advisen said.

"The year ended pretty much as it had started with moderate, continuing declines in premium prices," said Daniel H. Kugler, RIMS vice president, membership.

Mr. Kugler said, "Risk managers should be pleased with the pricing trends, but underwriters also should be happy that premium reductions have been fairly moderate compared to the cutthroat competition of the last soft market, and that the industry seems to have returned to financial health."

David Bradford, editor-in-chief at Advisen, said in a statement, "This is a long, slow march through a soft market, driven by growing p-c industry surplus, which translates into increased capacity."

He added that viewed in relationship to the gross domestic product, industry surplus is "essentially at 2000 levels, well below its peak in 1998, and the insurance industry's returns still significantly lag the S&P 500, all conditions that should prevent prices from slipping into a freefall."

The amount of data collected this quarter, he said, offered a comprehensive view of industry conditions, making the market "more and more transparent for risk managers seeking greater clarity on pricing and other decision-drivers."

Declines in the period were essentially across all major lines?except employment practices liability insurance and workers' compensation?representing the first quarter of this soft market in which declining premiums were almost universal.

The survey also found that in the fourth quarter, property premiums declined the most?dropping just about 7 percent?despite one of the worst years for natural disasters in the United States, including four devastating hurricanes in Florida.

Directors and officers liability, umbrella/excess liability, fiduciary liability and general liability premiums all declined in the quarter, though at moderate rates with most declining about 2 percent, according to the survey.

Workers' comp premiums, driven by diverse conditions on a state-by-state basis, showed mixed results for the quarter, but on average experienced a slight upturn in premium levels (1.5 percent) across the country.

Looking back at 2004 on the whole, property and general liability led the market down, both showing average premium decreases by the fourth quarter of 2003 and sliding steadily lower throughout 2004. D&O teetered at the top of a steep 2001-2003 ascent into 2004, though the percentage of policies renewed with rate decreases steadily grew.

"By the third quarter, D&O premium decreases overwhelmed increases and the line joined property and general liability on the slippery slope down," Advisen's Mr. Bradford said.

The 2004 RIMS Benchmark Survey is scheduled to be published in March 2005.

Advisen, a provider of specialized information, analytic and benchmarking tools for commercial insurance professionals, analyzes the survey results continuously, offering a dynamic and virtually real-time window into the current purchase patterns of commercial insurance buyers.

Survey results represent data compiled from over 1,400 organizations, the largest number of respondents in 20 years of benchmark surveys.

Risk managers who contribute insurance schedule data to the survey can benchmark both the structure of their commercial insurance programs and the cost of insuring their risk against a highly-relevant group of similar companies.

Survey respondents can use customized software to view detailed schedules of insurance programs for current and past years and to create full-color charts. Both benchmark charts and program charts download into any presentation for senior management, according to RIMS and Advisen.

The results of the RIMS Benchmark Survey are available online, published continuously throughout the year, and in a book, published once each year. Visit www.rims.org/benchmark for details.