As many ACE members will be all too aware, the PII market generally has hardened in recent years as insurers become more risk averse and other areas of insurance are offering better levels of return.
Added to this, the aftermath of the Grenfell Tower fire, and other significant asset failures across the world, have further lowered the confidence of insurers in the construction industry.
In the UK this has also come at a time when contractual disciplines within client organisations has deteriorated with many clients often unwittingly transferring increased levels of risk to the private sector to levels which challenge the insurance industry further.
The end-result is that costs are increasing. Anecdotally, his has averaged between 30% and 50% and often with a reduced level of cover and with more restrictions in place. Sometimes the increase shared is significantly more.
To help members navigate this new environment, ACE is upping its work in this area and developing a series of events, as well as new advice and resources with a view to being best prepared for the insurance renewal process.
As part of this we are currently gauging appetite for events across England, Scotland, Wales and Northern Ireland. If you would be interested in attending a local event with experts in the field, please email us to let us know.
Those who email us will be among the first to know of any new activity in this area, including potential events.