U.S. commercial property/casualty insurance rates declined an average of 4% in January compared with those of a year earlier, MarketScout said Friday.

“While the composite rate remained at minus 4%, we noted rates for service, public entities and energy decreased further, with public entities moving from a minus 3% to minus 5%,” Richard Kerr, CEO of the Dallas-based electronic insurance exchange, said in a statement.

“In addition, directors and officers (liability insurance), one of the only coverages that went several months in 2009 without rate decreases, slipped back and was hit with an average rate decrease of 2% for January 2010,” he said.

“We are in the market doldrums and will be here until something changes,” said Mr. Kerr in the statement. “Insurers must be patient. Rates will adjust, but nothing will happen quickly without a cataclysmic event of significant magnitude.”