A Hardening Insurance Market Ahead Written by Oklahoma CPC Insurance on Sep 22, 2020
First, what is the hardening of the insurance market mean? A soft market is often referred to as a buyers’ market, which we see stable premiums, increased capacity, broader coverage terms and increased competition in the overall insurance marketplace. Whereas a hard market is just the opposite, often referred to as a sellers’ market caused by the insures increased overall costs and lower income, which in turn causes those insured to experience increased premiums, reduced appetite by the insures, tighter ...