When the market hardens, insurance carriers often will attempt to reduce their expenses and exposures in a variety of ways. Sometimes, those ways are overt like nonrenewing policies or filing for rate increases. Other times, the cost-cutting moves can be more covert...
Supporting and leading your employees through this hard market is going to be critical for agency leaders. They will follow your example and most team members want to do a great job. They need to understand what that means to your agency. You may be saying: "My team...
I’m not sure if you noticed, but prices went up in 2022. After decades of low inflation, the dams burst last year—and the United States experienced the highest inflation since the Carter Administration. In order to combat this historic inflation, the U.S. Federal...
Hard market refers to a high demand for insurance and a decreased desire to insure. A soft market marks the opposite, when the demand for insurance coverage and competition in the market is minimal. The COVID-19 pandemic caused global economic hardship. The U.S. is...
The insurance industry is comprised of cycles. Hard-market cycles happen to course correct when rates are inadequate, when there are recessions and economic turnarounds, or when unforeseen events occur, such as the COVID-19 pandemic. However, even though the hardening...