1、PHOTO PLACEMENTGlobal construction rate trend reportQ1 March 20251IntroductionNorth AmericaGreat BritainEuropePacificAsiaLatin AmericaGlobal construction rate trend report This update analyzes our observations of the current market conditions for the construction insurance marketplace.All rate chang

2、es are for guidance only and will vary depending on risk profile and individual circumstances.Introduction Much like the rest of the world,as we enter into 2025,driven by a global focus on efficiency,sustainability,resilience and the adoption of advanced technology,the construction and insurance ind

3、ustries continue to develop and evolve.These trends are reshaping the global landscape,with each region contributing unique insights and strategies that collectively advance the sector.Within this edition of our Willis Construction Rate Tracker,the global construction insurance sector is facing a mu

4、ltitude of challenges,with labor shortages continuing to be a prominent issue.In North America,the shortage of skilled labor is intensifying,with some estimates suggesting they will need an additional 500,000 new workers to meet the pending construction demand.1 Similarly,in Europe and LatAm labor s

5、hortages are a growing problem,while in Asia,the shortage of skilled labor is heightened.Labor shortages often require that contractors and project owners rely more heavily on less experienced skilled labor which often results in poorer quality construction and reduced adherence to safety protocols.

6、Thus,insurance markets are more closely scrutinizing schedules and estimated project costs as they evaluate and price each individual risk.Economic factors such as the continued escalation of the pricing of building materials are also influencing the global construction insurance sector.As the price