Have you heard that insurance companies use the term 'hard market'? 

A hard market refers to the upswing in a market cycle.

During this phase:

*Premiums increase: Insurance costs rise, making policies more expensive for consumers and businesses.

*Capacity decreases: The availability of insurance coverage becomes scarcer. Insurers become more cautious about taking on new risks.

Check out this video that explains a little more how the consumer is impacted, and the factors that have driven us into this hard market.