In the commercial lines area, rates began to increase or were at least flat, the report says, with workers' compensation increasing by 3 percent, according to figures cited from MarketScout, an online insurance market exchange.

But the recent comercial rate improvement “shouldn't benefit carriers' underwriting margins yet, as loss cost inflation is still outpacing rate increases,” Shields says.

P&C pricing on catastrophe property could also get a boost from increased reinsurance rates as a result of more than $100 billion in insured global losses in 2011. Also contributing to reinsurance demand is the RMS Version 11 hurricane model revisions, which raises loss expectations.

However, brokers will see some organic growth benefit as rates improve and the economy improves.

Auto and homeowners will continue to see rate increases, Shields adds. He blames loss-cost inflations worsening as driving increases, higher auto repair from accidents, medical care costs increase and pressure from recent years' storm losses.

Adding to the pressure on rates, Shields says, is unprofitable underwriting results reflected in an industry combined ratio above 100 since 2008 and poor returns on investments.

Reserve releases are expected to slow further in 2012 “allowing poor accident year results to determine reported [earnings per share] and ultimately boost rates,” Shields writes.