The deliberate faking of an accident, injury, theft, or intentionally committed arson or some other loss in order to collect money wrongly from insurance companies. Hard fraud involves criminal activities such as staging a car accident, injury, arson, loss, break-in, or someone writing false bills to Medicare to illegally receive money from insurance companies.

A condition of the insurance marketplace in which insurance is difficult to obtain and relatively expensive. In a hard market underwriting is strict carriers are looking for the best risks. A hard market often appears after catastrophes or a period where the industy has had significant losses.
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REINSURANCE: In Reinsurance, a hard market is characterized by prudent underwriting and adequate pricing, whereas a soft market reflects sloppy underwriting and deficient pricing.
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US: In the insurance industry, the upswing in a market cycle, when premiums increase and capacity for most types of insurance decreases. Can be caused by a number of factors, including falling investment returns for insurers, increases in frequency or severity of losses, and regulatory intervention deemed to be against the interests of insurers.
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UK: Market in which the supply of (re)insurance is restricted in relation to the demand. Premiums increase and terms harden as (re) insurers try to become profitable.
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When the availability of some or all classes of insurance or reinsurances is limited relative to demand for such insurance or reinsurance resulting in increased premiums and coverage restrictions.

High, profitable premium rates.

An internationally accepted and uniform description system for classifying goods for customs statistical and other purposes.

A key provision of trade bill that establishes International Uniformity for products classifications.