| 单词 | HARD MARKET |
| 释义 | An INSURANCE market cycle where INSURERS reduce the amount of coverage they are willing to write, causing supply to contract and PREMIUMS to rise. A hard market can occur by the onset of very large and unexpected losses (i.e., CATASTROPHIC HAZARDS, CLASH LOSS, SHOCK LOSS) that causes a depletion of CAPITAL within the insurance and REINSURANCE sector; relative lack of capital creates a shortfall in RISK CAPACITY. A hard market may also arise from a gradual lowering of UNDERWRITING standards occurring during a SOFT MARKET cycle, leading to a greater loss experience over time. |
| 随便看 |
|
法律词典收录了41026条英汉双解法律词条，基本涵盖了常用法律英语单词及短语词组的翻译及用法，是法律学习的有利工具。