US risk management experts say there is no end in sight to the current soft market, but the rate of premium decreases has slowed.

The quarterly Risk Insurance Managers Society (RIMS) Benchmark Survey shows a 1% decline in general liability and workers’ compensation, a 3% drop for property and an average 4% fall in directors’ and officers’ premiums.

Advisen Executive VP Dave Bradford, whose company compiled the survey, says although premiums “didn’t fall much” in the third quarter, the soft market is “far from over”.

But he says if insurers avoid large losses this hurricane season, competition could pick up across commercial lines.

“There is still too much capacity chasing too little premium,” Mr Bradford said.

Analysts say downsizing and business closures reduced the amount of insurance premium on the market, encouraging companies to fight for their share of the pie.

RIMS board member Robert Cartwright says rates for some lines were back at the depths of the last soft market.

“That might suggest that the market is poised for a turn, but competition is still intense,” he said. “Barring a large catastrophe loss, US insurance buyers should continue to enjoy favourable pricing for the foreseeable future.