The Insurance 'Marketing' Cycle
Insurance moves in cycles. Rates rise and fall, capital ebbs and flows and with every turn, the pressures on Marketing change too.
This framework maps marketing strategy to the classic insurance market cycle showing how visibility, differentiation and brand building can drive performance through every phase.
Because in a cyclical market, consistency is the real differentiator.
This is my marketing-focused take on the classic insurance market cycle, reimagined to show how marketing strategy shifts as the market turns.
I’d love for others in the industry to challenge it, debate it and help refine it. The insurance market never stands still, and neither should our thinking so this framework will continue to evolve over time.
Below, you’ll find short summaries for each phase of the cycle, and I’ll be publishing in-depth articles on each one soon.
For reference, here’s the original insurance market cycle from Lockton, which inspired this version:
Softening Phase
As the market softens and rates begin to fall, competition for share intensifies and marketing spend often comes under scrutiny. This is precisely when marketing discipline matters most. Visibility becomes leverage - using consistent communication, data-led proof points, and sharp positioning to stand out in a crowd of similar messages. When everyone’s chasing volume, credibility and trust become your differentiators. Keep your brand present, reinforce your expertise, and show measurable value through client stories and insight-led content.
Falling Rates Phase
As losses emerge and underwriting appetites contract, the market begins its slow correction. This is the moment to steady the message, not retreat from it. Marketing should pivot to reassurance, reinforcing the fundamentals of your proposition, communicating risk discipline and highlighting service excellence. As volatility grows and large events hit the headlines, trusted voices rise above the noise. Use thought leadership, data-driven insights and client-focused content to demonstrate expertise and provide calm, credible guidance when it’s needed most.
Hardening Phase
As capacity tightens and risk appetite narrows, the market shifts firmly in favour of sellers. Demand exceeds supply and specialist expertise becomes the differentiator. Marketing should focus on reinforcing credibility, demonstrating the strength of market relationships, facilities and placement capability. This is the time to elevate technical content and case studies that prove your depth of knowledge. As rates rise and clients seek justification, clarity and transparency matter more than ever. Use evidence, insight and consistent communication to show value beyond price and maintain confidence in your leadership.
Profitable Phase
As profits return and confidence rebuilds, marketing has the opportunity to shift from defence to growth. Momentum should be channelled into strengthening culture and visibility, celebrating client success, showcasing talent and investing in the employer brand. With profitability restored, it’s the ideal window to reinvest in research, brand building and long-term equity plays that sustain performance through future cycles. As new capacity and entrants flood back into the market, clarity and consistency become critical once again. Codify your brand, refine your go-to-market strategy and lay the foundations before the next softening begins.
Marketing isn’t a luxury that follows the market, it’s a lever that shapes it.
Learn more about how Ooshka helps re/insurance businesses and suppliers build marketing strategies that perform across every phase of the cycle.
Get in touch
Follow Ooshka
Connect with Cara