{"id":335619,"date":"2025-08-11T11:43:18","date_gmt":"2025-08-11T11:43:18","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/335619\/"},"modified":"2025-08-11T11:43:18","modified_gmt":"2025-08-11T11:43:18","slug":"rates-continue-to-decline-in-construction-market","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/335619\/","title":{"rendered":"Rates continue to decline in construction market"},"content":{"rendered":"

Rates are continuing to decline in the construction insurance market,\u00a0according to specialist broker Miller\u2019s latest half-yearly\u00a0Construction London Market Update.<\/p>\n

\"rebrand\"<\/p>\n

The report said that the market is expected to soften as more carriers enter and highlighted that\u00a0insurers such as Arch and Markel plan to open construction books in the next six months.<\/p>\n

It added that rates continue to decline, while growth targets remain a key concern for carriers that are entering or have recently entered the market.<\/p>\n

\u201cThis situation puts pressure on insurers with established portfolios, as they must carefully balance maintaining their market share with the growth objectives of their competitors,\u201d the report said.<\/p>\n

However, it said that, despite these challenges, the market is relatively healthy and London market propositions \u201ccontinue to be crucial for clients worldwide\u201d.<\/p>\n

\u201dWith minimum premiums starting to decrease, we anticipate a reduction in the \u2018differential terms\u2019 often imposed by subscription markets,\u201d the report added.<\/p>\n

\u201dThis should lead to a resurgence of \u2018true\u2019 following markets, where all carriers involved in a risk are generally aligned.\u201d<\/p>\n

Widening coverage<\/p>\n

The report stated that insurers were increasingly willing to offer LEG3 coverage \u2013 which offers protection against consequential loss from non-physical damage \u2013 where previously some reluctance was seen.<\/p>\n

The professional indemnity (PI) market within construction also performed well in the first half of 2025, with \u201cample insurer capacity and appetite fuelling competition and driving premiums down\u201d.<\/p>\n

Meanwhile, directors\u2019 and officers\u2019 (D&O) liability insurance saw rate drops in the first half of the year, though the report indicated that there were \u201csigns that we may be nearing the bottom of this phase\u201d and that \u201cinsurers are beginning to resist offering substantial discounts, showing more determination in maintaining their pricing structures\u201d.<\/p>\n

One exception to the increase in coverage readiness is natural catastrophe protection, with many insurers cautious about expanding their offering in a sector that has seen extensive losses in recent years.<\/p>\n","protected":false},"excerpt":{"rendered":"Rates are continuing to decline in the construction insurance market,\u00a0according to specialist broker Miller\u2019s latest half-yearly\u00a0Construction London Market…\n","protected":false},"author":2,"featured_media":335620,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3091],"tags":[51,2441,16,15],"class_list":{"0":"post-335619","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-markets","10":"tag-uk","11":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115009959110120103","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/335619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=335619"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/335619\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/335620"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=335619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=335619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=335619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}