Apr 17, 2020 What does a ‘hard market’ mean for insurance customers?

If you have home or car insurance (or if you’ve recently been shopping for insurance), you may have heard that the Canadian insurance industry is in the middle of a hard market. Even if you’ve never heard the term “hard market,” you may have experienced the effects of one as an insurance customer. We want to make sure you understand what a hard market means for the insurance industry — and, more importantly, what it could mean for you. What is a hard market in the insurance industry? Insurance companies rely on premiums and investment income to pay claims — premiums alone aren’t enough, especially as claims continue to become more frequent and more expensive. So, in a time period with low investment returns and…

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