Soft Insurance Market Definition

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Soft insurance markets are ones that have a great deal of flexibility. Find out about soft insurance market definitions with help from an experienced insurance professional in this free video clip.

Part of the Video Series: Insurance Questions
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Video Transcript

My name is Susan Combs, and today we're going to talk about soft market insurance definition. So when it comes to insurance markets it's very you know, cyclic so you can have a hard market and you have a soft market. So when you are thinking of a hard market, think of just a hard line meaning that there's not a lot of flexibility, the rates are the rates, you have underwriters that can be kind of a pain and they are asking you for all these different requirements that they've never had you, you know, give them before and in the transverse, a soft market is a great market to be in if you are selling insurance because you have, you know, premiums that are usually lower. There's broader coverage, meaning that people can get more coverage for what they are paying. The underwriters are usually more flexible so they might not have all these different requirements and things like that but like I said, you know, you have soft markets and you have hard markets and they, you know, everything just goes round and round. So you know, right now we're just kind of coming off of soft market and we're moving into a hard market so hard market just be prepared for your clients to start getting cancellation notices because the carriers are just getting out of the business. You also might have premiums jump up that you weren't, that you know, you are no longer looking like the hero. So stay up on the industry news, take a look at your industry magazines and they can kind of help to forecast what's coming your way.

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