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How to thrive in this historically hard insurance market

Many insurance professionals are weathering today's unprecedented market hardening for the first time.

By Bill Wilson | November 14, 2023 at 12:00 AM
A hard market presents both problems and opportunities for agents and carriers. (Credit: Mopic/Shutterstock) A hard market presents both problems and opportunities for agents and carriers. (Credit: Mopic/Shutterstock)

The very first article I ever published was in the December 1981 CPCU Journal entitled “The Underwriting Cycle and Investment Income.” Historically, the P&C insurance industry had experienced a relatively consistent cycle between soft and hard markets, at least as predictable as the four seasons found in much of the country. The market would soften with competition then harden with increasingly poor loss experience and repeat this process on about a seven-year cycle.

Today, we are in the midst of another hard market, one experienced for the first time by possibly a large segment of industry participants. The purpose of this article is to explain what a “hard market” is all about and offer suggestions for surviving, even thriving, in such a market. A hard market presents both problems and opportunities for agents and carriers.

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