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Significant Challenges Facing the Construction Insurance Marketplace

Significant Challenges Facing the Construction Insurance Marketplace

The construction industry has seen significant growth over the last several years. However, emerging trends such as large rate increases and reductions in excess capacity are posing challenges for construction insureds as the insurance market hardens. An increase in high-value claim payments and settlements, labor shortages, and more careful deployment of underwriting capacity are all factors adding difficulty to the state of the market across the country.

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Habitational Market Takes a Hard Turn

Habitational Market Takes a Hard Turn

After years of losses in the multifamily habitational market, insurers have become far more cautious for both property and casualty coverages, cutting back capacity or even leaving the market altogether. Rates and deductibles have been rising—sometimes significantly—as carriers, more closely scrutinize the risks they are willing to entertain while adding a variety of exclusions.

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Awareness of Concussion Risk Impacting the Insurance Industry

Awareness of Concussion Risk Impacting the Insurance Industry

The CDC estimates that almost 3 million Americans were affected by concussion or traumatic brain injury (TBI) related emergencies in 2014, with almost a third of those events impacting children.

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Sharing Economy Companies Have Unique Insurance Needs

Sharing Economy Companies Have Unique Insurance Needs

The sharing economy reaches far beyond rides and vacation rentals. Entrepreneurs are creating on-demand solutions wherever the sharing approach shows promise, targeting everything from services such as deliveries, home repairs and gardening to sharing personal property including baby strollers, tools and formal wear.

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Truck Accident Frequency and Claims Severity on the Rise

Truck Accident Frequency and Claims Severity on the Rise

Commercial trucking serves as a barometer for the economy. It represented nearly 71% of the tonnage carried by all modes of domestic freight transportation in 2017, including manufactured and retail goods. With more trucks on the road, there were also more accidents, including a rise in fatalities. Trucks were involved in 59% more accidents per mile than in 2010, despite the new technologies and the best efforts of regulators, according to the American Trucking Association (ATA). Further, the number of people who died in large truck crashes was also 30% higher than in 2009, when it was the lowest it has been since the collection of fatal crash data began in 1975.

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FTC Rule Banning Noncompetes: What You Need to Know
FTC Rule Banning Noncompetes: What You Need to Know
2024 Excess Trucking State of the Market
2024 Excess Trucking State of the Market
Challenging Construction Projects Demand Insurance Specialist Expertise
Challenging Construction Projects Demand Insurance Specialist Expertise
Earthquake Market Stabilizes After Year of Volatility
Earthquake Market Stabilizes After Year of Volatility
Unique Labor Law Makes Insuring New York Construction Projects Challenging
Unique Labor Law Makes Insuring New York Construction Projects Challenging
Navigating the Minefield of Insuring Healthcare Staffing Agencies
Navigating the Minefield of Insuring Healthcare Staffing Agencies
Property REDY® Index Q1 2024
Property REDY® Index Q1 2024
Errors & Omissions REDY® Index Q1 2024
Errors & Omissions REDY® Index Q1 2024
Private D&O REDY® Index Q1 2024
Private D&O REDY® Index Q1 2024
Cyber REDY® Index Q1 2024
Cyber REDY® Index Q1 2024
Healthcare State of the Market at a Glance
Healthcare State of the Market at a Glance
Property State of the Market at a Glance
Property State of the Market at a Glance