2/26/2021 - Commercial Hard Market Anticipated to Persist in 2021

 Rate increases are expected in almost every line of business.

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"Cyber insurance rates are expected to increase by 10% to 30%, while general liability rates are expected to increase by 7.5% to 15%."

What makes a hard market?

A hard market may also be referred to as market tightening. This is because insurance availability, usually of a particular line, becomes more difficult to obtain and often may be more expensive. This typically happens in the commercial property and casualty markets as a result of catastrophic losses, large jury verdicts, or other factors affecting the profitability of insurers and reinsurers.

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