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.