Cyber

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.