The 2011 edition of Willis' "Marketplace Realities and Risk Management Solutions"annual report offers commentary and analysis on the insurance marketplace in North America for every major line and select industry sectors.

Willis said the 2011 report is being published in time to help insurance buyers plan for fall 2010 as well as Jan. 1 renewals.

In his introduction, Mr. Plumeri said the absence of "market-turning loss events and ongoing competition for slowly recovering business mean the soft market will in most areas go on."

He added, "Sooner or later, of course, the market will turn, and if history is a guide, the longer and deeper the soft trough in the marketplace cycle, the steeper the upswing on the other side. Taking smart advantage now will help buyers weather that turn."

Broken down by line, the report said the property market remains soft, with reductions depending on catastrophe exposure and industry type. Willis expects rates to fall 15 percent on average in 2011.

The casualty market is going into its ninth soft market year, Willis said. Reductions in 2011 will depend on exposure and industry type, but Willis said it expects most rates will fall from 0-5 percent, as there is abundant capacity and appetite for most risks.

The soft workers' compensation market is expected to continue into 2011, Willis said. Payroll is the key driver for workers' comp premium, and as employment stabilizes so should rates, according to the report. Workers' comp combined ratios have reached 110 percent, however, and several states are filing for rate increases.

The directors & officers liability market continues to be soft, with broader terms available and program rates flat or down as much as 15 percent, Willis said.

For employee benefits, Willis said health care reform dominates the landscape. Many employers expect health care reform to raise costs. The government is steadily releasing guidance to fill in the details of the changes brought by reform. Meanwhile, interest in wellness programs continues to grow, Willis said.

Commenting on the report, Eric Joost, national partner, North American Specialties, Willis, said, "Other than the potential impact of health care reform, we see no major disruptions on the horizon, and buyer-friendly market conditions are expected to prevail in 2011. This competitive market presents a window of opportunity for buyers to build broad coverage that might not be available when the cycle turns."