The energy market is difficult to read, says a new report by Marsh—so much so that one official classified current conditions as a "harft" market.

Of course, the makeshift word implies the energy-insurance sector is neither definitely soft nor hard.

"The fundamentals still point to a soft environment, but the reality of the marketplace is much more complex," says Jim Pierce, global chairman of Marsh's energy practice. "Capacity is in a state of flux."

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