Skip to main content
Marsh logo

Solutions

Cyber

Marsh’s construction practice experts give their insight into cyber and capacity changes on a global and regional basis during Q1 2024.
Contact us

Insurers have appetite for construction risks with strong cybersecurity controls.

Increased competition among insurers led to generally improved market rates and renewal outcomes. Despite a stable market, the increased severity and frequency of cyber risk meant that risk management continued to be particularly important. Where minimum underwriting controls were not met, coverage was typically scaled back. 

In the US, rates were down. In the Pacific, Latin America, and Canada rates remained flat to –5%. 

Compared to other industries, the uptake for cyber insurance among construction companies in Latin America was relatively low. 

Standard exclusions of IP and patents could need amending to address client exposure. Where minimum underwriting controls are not met, coverage may be scaled back.

Related content

Placeholder Image

Cyber Risks and Insurance Solutions in the Construction Sector
Placeholder Image

Global construction market update

Our people

Placeholder Image

Maarten van Haaps

Head of Construction, Pacific

  • Australia

Placeholder Image

Brad Day

National Business Relationship Manager - Corporate Construction, Australia

  • Australia

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 24/161

“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.”