NEW YORK (Bloomberg) - US commercial insurance rates fell 5.6 percent in the fourth quarter, a smaller decline than in the three months ended September 30, according to the Council of Insurance Agents and Brokers.

Large accounts, generating more than $100,000 in commissions and fees, had the biggest drop, with rates falling 7.4 percent in the three months ended December 31 when compared with the same period a year earlier, according to a survey by the Washington-based trade group. Prices have declined in every quarter since 2004.

Job cuts and plant closings have left corporate customers in need of less coverage.

Commercial insurers have been lowering prices amid the US recession to compete for the declining amount of business that remains.