Edition 5 | November 2018
For the first time in well over a decade, the construction market is entering a downturn in which soft market conditions are beginning to give way to a harder market characterised by limited capacity and reduced numbers of international carriers. Since our last update the international construction insurance market has deteriorated to the extent that some regions, including the UK, Australian and Asian markets, are experiencing reduced levels of capacity.
Market defining losses throughout 2018 have now firmly demonstrated that the construction sector is not immune from “billion dollar” events and, ultimately, several providers have paid the inevitable price and withdrawn from the market altogether. However, while it should be expected that the need for planning and preparation will become ever more vital in a changing market environment, I am confident that the market will continue to respond to the needs of its clients.
Our regional and global placement leaders remain the very best in our market and they will, in the most professional way, help and guide our clients through these challenging times.
Global Construction Placement Leader, JLT Specialty
+44 (0) 20 7558 3323 | email@example.com