What is the Definition of Hard Market?

What is the Definition of Hard Market?

A seller’s market in which insurance is expensive and in short supply. (See Property/ casualty insurance cycle)

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Hard Market?

What is the Definition of Hard Market?

You can find random definition and meaning of insurance terms below:

Meaning of Liquor Liability in Insurance Terms

Coverage for bodily injury or property damage caused by an intoxicated person who was served liquor by the policyholder.

Meaning of Living Benefit Rider in Insurance Terms

An addition to a policy that enables early payout of anticipated death benefits. The rider affords terminally ill policyholders an additional source of funds to pay medical bills and maintain their lifestyle.

Meaning of Lloyd’S Of London in Insurance Terms

A marketplace where underwriting syndicates, or mini-insurers, gather to sell insurance policies and reinsurance. Each syndicate is managed by an underwriter who decides whether or not to accept the risk. The Lloyd’s market is a major player in the international reinsurance market as well as a primary market for marine insurance and large risks. Originally, Lloyd’s was a London coffee house in the 1600s patronized by shipowners who insured each other’s hulls and cargoes. As Lloyd’s developed, wealthy individuals, called “Names,” placed their personal assets behind insurance risks as a business venture. Increasingly since the 1990s, most of the capital comes from corporations.

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