While the insurance industry is currently enjoying excellent results, rates keep dropping and relief could be years away, according to an analyst.

"Unless there is a gargantuan catastrophe or series of catastrophes, the soft market is going to continue to go on its path for quite a while to come, until the losses start to eat into surplus," said David Bradford, author of an Advisen Ltd. report "The Soft Market: How Low Can It Go?"

If there is no major catastrophe, he continued, it could be "years of soft market conditions before it turns around." The last soft market was about a decade long, so there's certainly a precedent, according to Mr. Bradford.

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