Construction Lines

2023 saw a number of insurers returning to profitability now that long-tail business written in the soft market is gradually handing over. Rates have been stable for a while now, with signs suggesting that the market has now reached its peak amid an influx of new capacity entering the market. It is anticipated that this could prompt a gradual softening over time. Coverage remains broad and consistent, as does appetite with a variety of projects considered and solutions being offered by the market.

Coverage

Coverage has remained stable over the last 12 months in the construction market, and it is expected to remain consistent for the future.

Rating

2023 saw continued rate stabilisation, with growing competition in the market and greater appetite to grow books of business.

Appetite

2023 did not present any significant changes in appetite, with most insurers still prepared to write a wide variety of projects.

Capacity

Capacity is now the strongest it has been since the hard market forced several carriers to run off their construction books, which is encouraging and suggests that the market could be at the tip of the curve with competition growing.

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