UK: A market in which there is a ready supply of insurance. Competition among insurers drives premium rates down and terms and conditions ease as insureds find themselves able to negotiate better terms.
***
A term given to a condition in which insurance is relatively inexpensive and easy to obtain. Underwriting is looser and rates are competitive.
***
US: One side of the market cycle that is characterized by low rates, high limits, flexible contracts, and high availability of coverage.
***
When the availability of some or all classes of insurance or reinsurances is high relative to demand for such insurance or reinsurance. Competition amongst insurers and reinsurers leads to downward pressure on premiums and to the availability of more extensive coverage terms. Compare hard market.