The soft market cycle has begun, according to insurers and brokers at the CII conference.

Kenny Maciver, managing director of the Folgate Partnership, said that commercial motor rates had "come off" over the past year, with rates in commercial property doing the same over the past three to four weeks. "Once again we are entering a soft market," Maciver said.

One broker, who did not wish to be named said that while rates in employers' liability, professional
indemnity and some types of directors' and officers' risks were continuing to increase, the rest of the market was showing signs of softening.

"Renewals are holding up more but new business rates are being slashed," the broker said.