Introduction:
The hardening of the personal and commercial property insurance market refers to a trend of stricter underwriting standards, reduced coverage options, and increased premiums. Insurance carriers are becoming more cautious due to factors like catastrophic events, climate change, and rising litigation costs. In response, some insurance carriers have implemented moratoriums, temporarily suspending or limiting coverage in specific areas or for certain types of risks. These moratoriums aim to manage the carriers’ risk exposure and ensure the sustainability of their operations in the face of challenging market conditions.