A hard market can cause knock-on effects for businesses looking to secure renewals, and it’s important for decision makers to understand what those practical impacts for their business might be.
Firstly, what is a hard market? Well, a hard market occurs when there is high demand for insurance but less capacity available to offer it. As specified in our previous article with Risk Management specialists BCarm, this could be caused by multiple factors such as such as large-scale disasters, like Grenfell Tower, ‘and the change in the way personal injury awards are calculated (The Ogden Tables) and of course the impact of Covid-19’.
So, how does a hard market affect businesses? What are the practical impacts?
At the moment, insurers are currently looking at their insurance and increasing premiums, altering the terms, putting in higher excesses or even refusing to offer renewals.
In our latest video, Senior Account Executive Julie Heatley-Thomas discusses what challenges businesses face – and how we can help.
Want more information on this topic?
Read our previous piece on the importance of demonstrating good risk management in a hard market.
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