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Global Construction Market Update

Marsh Speciality’s Construction practice has published its latest Global Market Update summary.
Global and regional construction market update 2023

Marsh Specialty’s Construction Practice has published its latest insurance market update.

The report provides an overview of the latest construction insurance market details on a global and region-by-region basis. It also looks ahead at what trends may occur in the remainder of the year.

Key takeaways:

  • The construction insurance industry continues to experience:
    • Significant claims cost inflation (in certain parts of the world)
    • Considerable inflationary impact on values
    • Constrained capital
    • Uncertainty around interest rates.
  • High levels of investment in infrastructure and technology, a rapidly evolving energy transition, shifts to address climate change, and many other indicators give great cause for confidence in the construction industry over the longer term.
  • Many impacts of the ongoing challenging insurance market can be mitigated by a combination of risk management, consideration of retention levels and program structure, alternative risk transfer, and clear articulation of risk when presenting to the market.
  • There has been an improvement in the availability of professional indemnity cover for the construction industry. However, this is not consistent across all regions.