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Competition drives more favourable rating across Australian construction insurance

Construction Market Update 2023

By Mark Thompson | August 28, 2023

Construction insurance pressures are easing with insurers looking to grow within this sector, leading to more positive outcomes than expected.
Climate|Property Risk and Insurance Solutions|Risk & Analytics

Renewals for Contract Works, Construction Liability, and Design and Construction Professional Indemnity insurances range from flat to plus 15% for good risks, according to our Construction Market Update.

Factors driving these outcomes include greater competition, with new capacity entering the Australian market and improvements in insurer profitability.

With insurers now looking to grow within the construction sector, we have delivered more positive outcomes than expected for many clients.

Our Construction Market Update looks at insurer concerns around the ongoing effects of labour and materials inflation and how firms are mitigating this risk to their solvency. The update covers conditions in each insurance class in detail.

Successful renewal outcomes are predicated for clients demonstrating that they have positive risk management and mitigation processes in place throughout the project lifecycle.


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