The US insurance market is softening, according to speakers at a major New York conference hosted by Standard & Poor’s last week.

While each class of business has softened for different reasons, industry professionals say maintaining sound underwriting profits is a key priority.

The conference also revealed that following the abandonment of contingency commissions by leading brokers, higher premium commissions and a wider range of insurance products for their clients are likely. Speakers also said more efficient costs and expenses will mean incomes are unaffected by lost commission earnings.

Brokerage executives agreed that although settlements to end contingent commissions by large national brokers will hurt the industry in the short term, a more transparent environment means brokers will benefit over the long term.

Aon Corp Executive Chairman Patrick Ryan told the conference US brokers have seen difficult times lately.

“But we saw them as an opportunity to level the playing field with full disclosure,” he said. “Every broker is negotiating higher commissions, and we are disclosing that to our clients.”