Construction Insurance Market Insights H1 2021
Snapshot
- The first half of 2021 has seen an acceleration of the trends arising from the hardening insurance market.
- We are starting to see the true impact of the COVID-19 pandemic, it has impacted clients and the industry in many ways from direct and specific losses arising from the pandemic to long term changes to how the construction industry operates moving forward.
Construction risks are being scrutinised rigorously, with a focus on risk management, price adequacy and tightening of broad-based coverage as carriers are seeking to repair portfolios and return to profitability. Aon’s H1 2021 Construction Insurance Market Insights explores key market trends and performance, whilst also providing a forecast for the remaining half of 2021.
State of the market:
- One major impact is the effect COVID-19 is having on projects being able to complete on time, with many projects seeking extensions from insurers as they face significant delays.
- The Material Damage market remains particularly challenged as carriers looks to improve their bottom line off the back of significant historical project losses. With continued focus on restricting coverage for maintenance periods, defects and water damage events.
Read more in our 2021 H1 Construction Insurance Market Insights report.
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