The construction industry continues to face the challenges associated with trends developed over the last year or so including an uncertain macroeconomic landscape, subcontractor availability, and skilled and unskilled labor shortages. Additionally, fluctuating commodity prices, particularly for long-term and hard-bid projects, and difficult contractual terms are affecting the industry as a whole.
After a year of continuous rate increases across the board we are beginning to see moderate rate deceleration for clients, especially for best-in-class risks. This is not to suggest rates are still rising, but the impact is more moderate and have begun to peak for certain sectors and coverages. Read the current market report to learn more.