Insurance market surveys seem to suggest the soft market is well on its way, if not already upon us. Risk managers say the market is certainly moderating from the intense price increases seen over the past three years, but are reluctant to say the soft market is in full swing yet. Despite this softening on the price side, risk managers say terms and conditions remain tight. While insurers may be willing to bend on price, buyers say they do not expect to see exclusions and restrictions put in place over the last few years disappear anytime soon. Risk managers, however, are not surprised by signs of softening, and stress that despite market survey results, the marketplace continues to be challenging. While risk managers say they welcome lower prices and increased capacity, they share the fear of CEOs who decry a return to "cashflow underwriting" and therefore stress the need for a return to stability.

Property & casualty insurance