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Global Construction Market Update

Marsh Speciality’s Construction practice has published its latest Global Market Update summary.
Construction engineers discussion with architects at construction site or building site of highrise building with Surveying for making contour plans is a graphical representation of the lay in land.

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.

Disclaimer: Marsh India Insurance Brokers Pvt Ltd is a subsidiary of Marsh McLennan.

Marsh India Insurance Brokers Pvt. Ltd. having corporate and the registered office at 1201-02, Tower 2, One World Center, Plot-841, Jupiter Textile Compound Mills, Senapati Bapat Marg, Elphinstone Road (W), Mumbai 400 013 is registered as a composite broker with Insurance and Regulatory Development Authority of India (IRDAI). Its license no. is 120 and is valid from 03/03/2021 to 02/03/2024. CIN: U66010MH2002PTC138276.