There is no doubt in the minds of the biggest insurance brokers as well as one leading consulting firm that the current soft market cycle is here to stay for awhile–lasting at least through the end of next year, and possibly well beyond that.

In interviews here with National Underwriter during the annual Insurance Leadership Forum held by the Council of Insurance Agents and Brokers, there was no disagreement that we're in a buyer's market on all but catastrophe-exposed risks–although few were willing to characterize the softening market as extreme just yet.

Barring a very severe catastrophe, the consensus appears to be that the cycle will not reach its nadir before late next year, with rates likely to keep falling for as long as two more years. "You could not have crafted a more attractive market for clients," said Don Bailey, chief executive officer at Willis North America.

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