The construction-insurance market remains stable, but pricing is mixed depending on the sector, a Marsh market update states.
In its August Construction Market Update, Marsh says the primary casualty market for construction risks is in a "period of transition," with insurers seeking rate increases ranging from 5 to 15 percent.
Marsh says, "In the first quarter of 2012, marketing the account generally was successful in lowering rates compared to the incumbent's offering; however, that stopped being the case in the second quarter. With the competition less aggressive, more incumbents are keeping the business."
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