Term Of The Day – Hard Market
A Hard Market is the term used to designate the period after a Soft Market. It usually occurs after a wide-scale catastrophe that ends a soft market. During this time, standards for underwriting become more rigid, premiums rise as well as profits, and competition lessens.

A soft/hard market in workers’ compensation can be very state specific. California survived many in the 1990s.
This market condition occurs in any type of economic situation when there are more buyers than sellers. Price increases are expected.
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