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Cyber

Marsh’s construction practice experts give their insight into cyber and capacity changes on a global and regional basis during Q1 2024.
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Insurers have appetite for construction risks with strong cybersecurity controls.

Increased competition among insurers led to generally improved market rates and renewal outcomes. Despite a stable market, the increased severity and frequency of cyber risk meant that risk management continued to be particularly important. Where minimum underwriting controls were not met, coverage was typically scaled back. 

In the US, rates were down. In the Pacific, Latin America, and Canada rates remained flat to –5%. 

Compared to other industries, the uptake for cyber insurance among construction companies in Latin America was relatively low. 

Standard exclusions of IP and patents could need amending to address client exposure. Where minimum underwriting controls are not met, coverage may be scaled back.

Global construction market update

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

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Our people

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Maarten van Haaps

Head of Construction, Marsh Specialty

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Donald Gardner

Head of Construction, Marsh Specialty, New Zealand

This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and any analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change.

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