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Professional Indemnity

Marsh’s construction practice experts give their insight into professional indemnity and capacity changes on a global and regional basis during Q1 2024.
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Annual professional indemnity 

The PI market continued to experience capacity challenges in most regions, leading to higher premiums and rates.

One exception was the Middle East, where appetite and capacity were ample owing to minimal claims activity.  

There were regional differences regarding rates, with the US and Canada seeing rate increases (4% to 10%), while most other regions experienced rate decreases (5%, on average).  

In the US, limits of US$100 million were achievable for select projects, while capacity was generally limited for projects insurers viewed as higher risk. 

Difficult-to-place classes include residential contractors, especially those that do condominiums and single-family homes and alternative (prototypical) energy projects.

Single project professional indemnity (SPPI) 

New capacity continued to enter the market, providing alternatives and helping to drive rates lower in many regions, including the UK, which has seen marked improvements in capacity during the past two years.

There has been a slight softening of terms in Asia for less-complex risks. Rates for construction PI generally did not decline as much as for other lines of PI. 

Global construction market update

Global macro trends point to an encouraging outlook for the construction sector.

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