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Report

Construction insurance market update 2024: Australia

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

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.

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