Understanding the Hard Market
A hard market is characterized by:
- Reduced capacity – Insurers pulling back from certain risks
- Increased premiums – Often significant year-on-year increases
- Tighter terms – More exclusions, higher excesses
- Slower turnaround – Underwriters dealing with high volumes
Strategies for Success
1. Build Strong Underwriter Relationships
In a hard market, relationships matter more than ever. Work with underwriters who:
- Respond quickly to submissions
- Provide clear feedback on declined risks
- Offer flexibility on terms where possible
2. Submit Quality Proposals
Help your clients present their best face:
- Complete all sections of proposal forms
- Provide detailed information about risk management
- Include claims history with explanations
- Highlight positive aspects of the business
3. Explore Alternative Markets
Don’t rely on a single insurer. Consider:
- Lloyd’s market specialists like FTA
- Underwriting agencies with niche expertise
- Alternative risk transfer solutions
4. Educate Your Clients
Help clients understand why premiums are increasing and what they can do to manage costs:
- Implement risk management improvements
- Consider higher excesses
- Review coverage limits
How FTA Can Help
Even in a hard market, FTA continues to:
- Underwrite each risk individually – No blanket declines
- Turn around submissions in 24-48 hours
- Provide limits up to $20 million with costs in addition
- Offer competitive terms backed by top-tier Lloyd’s capacity
"We’re here to find solutions, not reasons to decline."
Contact our team today to discuss your challenging placements.
Phone: 02 8823 8888
Email: info@ftainsurance.com.au