Hard Market

Hard Market

Hard Market refers to a stage in the insurance market cycle when insurance is more difficult to obtain because insurers are seeking to restore or maintain profitability. A hard market may occur, for example, after periods of significant losses, major catastrophes, inflation, poor investment returns, or economic uncertainty. In response, insurers generally increase premiums, apply stricter underwriting standards, reduce coverage, and limit the amount of insurance they are willing to provide. See also: Soft Market
Learn more, read: A Checklist to Successful Negotiations in a Hard Market