1、Global construction rate trend reportQ3 September 20231IntroductionNorth AmericaGreat BritainEuropeAustralasiaAsiaLatin America2Global construction rate trend reportThis update analyses 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 have seen consistent themes within the global insurance marketplace thus far in 2023.As we enter the last quarter we see less volatility and unpredictability and in many areas,rate increases are fin

3、ally easing after 5 years of a continuous hard market.Most regions continue to experience this stabilization with flat or single to low double-digit rate increases.As we have observed improved pricing conditions,coverage,and capacity for most commercial lines of business we have seen the exceptions

4、for Natural Catastrophe(Nat Cat)exposed projects and projects/risks and renewable programs with poor claims experience,lack of robust risk management plans and prescriptive formal loss mitigation protocols.These projects still experience rate increases in the double digits and sometimes,more importa

5、ntly,see capacity becoming less available.Challenges are still notable globally in professional indemnity(PI)project specific professional liability less on annual programs,decennial,inherent defect liability(IDI)in Europe and auto in the U.S.,with continued limited capacity,increases in rates and d

6、eductibles in most type of projects where self-retentions are becoming more common particularly on excess layers.IntroductionNorth AmericaGreat BritainEuropeAustralasiaAsiaLatin America3With re-entering markets,new players and access to ample capacity from local,London and other international market