You’ll get slightly different opinions on what conditions define hard vs modest rate increases, soft vs some price decreases… In my opinion hard market implies some significant level of rate increases, usually accompanied by some contraction in supply/availability.
If you work in this area, I’ll suggest you start reading 2 publicly available sources of P&C rate changes. The first is the CIAB P&C market survey. It gives some pretty detailed reporting by line of business, along with some nice historical rate index information. It doesn’t try to define hard vs soft market, but will give some good insights into what agents/brokers think the market is doing. Note that for some reason the 2Q21 report link isn’t working for me, but the prior reports are.
The second source is the MarketScout barometer. Similar to CIAB, it gives quarterly rate changes by LOB. They do attempt to define hard vs soft, with hard being 15% increases or more and soft being -10% or less. I think those definitions are their opinion rather than an industry type consensus. You have to give them your email address to see the full report. Unlike CIAB they don’t give you handy historical rate changes but you can piece them together from prior reports.
I’m no longer practicing in this area, but my anecdotal observation is that we are seeing some firming rates but I would not call this a hard market. YMMV.