The hard insurance market has impacted most classes of business in recent years, with construction liability being one of the most affected.

SHIFT IN THE MARKET

Lack of insurer profitability and rising claims costs have led to a shift in the market. Along with increased pricing and deductibles, there has been a narrowing of the available coverage.

Some insurers are demonstrating a reduced underwriting appetite, reduction in available capacity and in some cases, ceasing to write construction liability business altogether.

These changes in the market show little sign of abating, with a shifting legal landscape, a rise in the number of complex claims and further class actions on the horizon.

Yet construction is a growing Australian industry, so insurance cover is vitally important.

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