While there has been much talk about how the commercial insurance market is finally poised to harden, there is little evidence of any turnaround in the latest "Market Barometer" survey, which indicated that rates for January declined an average of 9 percent--the same level as the in last two months of 2008.

While the composite rate index level seen in the latest pricing barometer signals that the depth of price-cutting may have bottomed out, the market as a whole has certainly not reversed direction, observed Richard Kerr, chief executive officer of MarketScout, the Dallas-based electronic insurance exchange that puts together the monthly survey.

"Insurance executives are forecasting and closely monitoring the prospects for much needed rate increases in 2009," he noted. But Mr. Kerr said the recession presents a daunting challenge, with the health of the U.S. and world economy playing a large role in the fortunes of insurance companies and brokers.