The insurance industry has been experiencing underwriting cycle for several decades. Which of the following statements about a soft market is true? A catastrophic event such as the Hurricane Katrina will turn the insurance market into a soft market. A soft market allows insurance companies to operate without any interference or regulation by the government. Insurance underwriting is rigid and insurance premiums are usually high during a soft market. Insurers are willing to insure more risks and premium rates are usually lower during a soft market