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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.

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.

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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