Core Insights - Commercial insurers are experiencing a prolonged period of strong pricing power, known as a "hard market," which has generally benefited the industry [1] - This pricing power is increasingly being challenged by rising claims costs driven by materials inflation and social factors [1] Industry Overview - The current hard market has provided commercial insurers with favorable conditions, allowing them to maintain higher premiums [1] - However, the sustainability of this pricing power is under pressure due to escalating costs associated with claims [1]