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Construction insurance market update 2024: Australia

29/08/2024

In recent years, the Australian and other global insurance markets experienced a period of significant rate increases. However, in the first half of 2024, insurance premium rates generally stabilised. Most clients with construction risks experienced stable renewals without any major changes or coverage restrictions. Not all insureds fared the same however, as insurers remained cautious in certain areas of risk.

Marsh’s industry specific market updates take a deep dive into the state of the market throughout the first half of 2024, including local market insights and outlook, coverage and pricing trends, insurer appetite, market influences, as well as tips on how to maximise renewal outcomes.

Download our market update for an industry specific lens on the latest trends in the Australian construction insurance market.

Construction insurance market update 2024: Australia

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Additional resources: Marsh’s Construction insurance market update 2024 is an industry specific addendum to the Australian Mid-Year Insurance Market Update 2024. The full report covers trends and insights across multiple insurance classes including property, liability, directors and officers liability, professional indemnity, cyber, environmental impairment liability, accident and health, group life and workers compensation. You can explore the Australian Mid-Year Insurance Market Update 2024 here.

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This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and any analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change.
LCPA 24/442

“Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”