As the construction industry continues to face various risks and challenges, the insurance market is also experiencing a period of transformation. While there are some positive signs of stabilisation in contract works policies, obtaining insurance for civil engineering projects remains a difficult task, with limited capacity available from Australian insurers for this sector.

In our Business Insurance & Risk Market Update H1 2023 report, we explore these trends further and the factors affecting the construction insurance market.

Key insights

Business Insurance & Risk Market Update H1 2023
  • obtaining civil engineering insurance remains difficult in the local market
  • concerns remain about long-tail risks for public and products liability insurance
  • there is renewed appetite in the market for professional indemnity risks, and prices are beginning to level out

Other topics in the report include:

  • placement — premium increases have levelled out but risk selection is still critical
  • claims — a maze of obstacles and contradictions surround the claims environment
  • professional and financial lines — rate rises are stabilising but risks remain high
  • cyber risks — market response to increased focus on risk management
  • property — rising property values create underinsurance headaches
  • workplace risks — psychological risks in the workplace are the new business focus.

Looking for business risk and insurance advice?

During this time of change you can turn to our Gallagher experts for advice and guidance. We are here for you and will do everything we can to help you face the future with confidence.



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