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ARTICLE · 19 SEPTEMBER 2023

Global Construction Rate Trend Report

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Our latest perspective on the global construction industry, highlighting regional insights and construction insurance rate trends.

United KingdomReal Estate and Construction
Gemma Tait
Gemma Tait

Our latest perspective on the global construction industry, highlighting regional insights and construction insurance rate trends.

Construction insurance marketplace

We have seen consistent themes within the global insurance marketplace thus far in 2023. As we enter the last quarter, we see less volatility and unpredictability and in many areas rate increases are finally easing after 5 years of a continuous hard market. Most regions continue to experience this stabilization with flat or single to low double-digit rate increases. As we have observed improved pricing conditions, coverage, and capacity for most commercial lines of business, we have seen the exceptions for Natural Catastrophe (Nat Cat) exposed projects and projects/risks and renewable programs with poor claims experience, lack of robust risk management plans and prescriptive formal loss mitigation protocols.

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