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hard market

A hard market is the upswing in the insurance market cycle, when premiums increase, coverage terms are restricted, and capacity for most types of insurance decreases.

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Additional Information

Hard insurance markets may be caused by any number of factors, including falling investment returns for insurers, increases in frequency or severity of losses, and regulatory intervention deemed to be against the interests of insurers.

Related Terms

A soft market is one side of the market cycle that is characterized by low rates, high limits,...