Market Changes

In the world of professional liability, we are now beginning to see a transition from a soft market to a hard market.

The insurance market is cyclical and often characterized as being either a “hard” market or a “soft” market, or in the process of transition from one market to another. Currently, the market is transitioning from a “soft” market to a “hard” market.

We have been in a soft market for about the past 15 years. Prices have remained relatively low, despite the annual increases in the Virginia Cap limits of liability.  Insurance buyers have seen flexible eligibility guidelines, more easily available coverage, and have had several options from which to choose from.