Commercial property-casualty insurance prices enjoyed a “modest increase” during the third quarter, after enduring steady decreases for the past five years, according to a survey.

Global professional services firm Towers Perrin said “firming prices” in property and specialty lines as a contributor to the overall 0.3% increase in the third quarter. This increase marks the second consecutive quarter-to-quarter improvement and possibly a “change of environment.”

“Two quarters of flat prices underscore our belief that market conditions have changed from an environment of rampant price cutting to one where greater caution prevails,” said Stephen Lowe, managing director of Towers Perrin’s global property and casualty insurance consulting practice.

Towers Perrin’s most recent Commercial Lines Insurance Pricing Survey (CLIPS) consisted of comparing the prices of underwritten policies during the third quarter of 2009 to policies underwritten during the third quarter of 2008, with 35 insurance companies participating in the survey.

Commercial insurance prices also increased 0.8% during the second quarter, compared to the same quarter in 2008.

“Looking forward, it’s anyone’s guess where the market goes from here. We may be witnessing a new era, where better price monitoring information enables companies to manage prices with greater discipline,” added Lowe.