1、Global construction rate trend reportQ3 September 20241IntroductionGreat BritainEuropeAustralasiaAsiaLatin AmericaNorth America2Global construction rate trend reportThis update analyzes our observations of the current market conditions for the construction insurance marketplace.All rate changes are

2、for guidance only and will vary depending on risk profile and individual circumstances.IntroductionWe are now observing capacity levels similar to those seen at the top of the last soft market cycle in early 2019 in most regions in the construction insurance market and in most commercial lines of bu

3、siness.We expect this positive trend to continue during the second half of 2024 and into 2025.This is due to increased interest from insurers in maximizing deployment of local capacity along with an influx of new capacity as entrants establish themselves,including renewed interest from international

4、ly based insurers and reinsurers and returning former market players.This competitive environment,combined with the need for markets to grow their market share is expected to increase appetite and improve terms and conditions available to clients as we approach the end of 2024.This will also help al

5、leviate the need for significant rate increases despite ongoing industry challenges such as high interest rates and persistent inflation,lack of specialized workforce and uncertainty on claims,rebuilding and litigations costs.Consequently,pricing across most regions and product lines is expected to

6、remain stable throughout 2024.This stability will result in favourable single-digit discounts for certain high premium volume programs,renewals,and one-off projects.In these cases,the clients reputation,low loss history,long-standing relationship with the insurers and comprehensive risk controls is