The insurance market is cyclical, which means it'll eventually swing back to sunnier skies. (Mopic/Shutterstock) The insurance market is cyclical, which means it'll eventually swing back to sunnier skies. (Mopic/Shutterstock)

The insurance industry is experiencing a hardening market right now. That means the market cycle is on an upswing, premiums are increasing, and carriers' capacity for most types of risk is decreasing. While there are various opinions about what a hard market looks like in comparison to a soft market, its underlying causes and repercussions are universally agreed upon.

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