Soft trading conditions and plentiful capacity are likely to characterise the construction insurance market in 2018, while new construction methods like modular construction will be a key emerging risk in the sector, according to SURA Construction.

Jim Wiechman, underwriting manager at SURA Construction, has outlined some of the key trends facing construction insurance underwriters and brokers this year in a sector update published in insurance trade publication Insurance Business.
 
Wiechman said one issue facing brokers was the difficulty accessing dedicated construction-related training, particularly in regional areas, and brokers could use specialist underwriters like SURA Construction to keep up to date with the product knowledge they need.
 
“Construction insurance is a niche offering and a complex product, which does require both a thorough knowledge of the way the cover operates as well as a high-level understanding of how the construction industry operates,” Wiechman told Insurance Business.
 
“We’ve addressed this by publishing a series of ‘Know-How’ newsletters available at sura.com.au/construction, and I’d encourage insurance brokers who are interested in developing construction insurance knowledge to use them.

To read the full Insurance Business article, click here.

Read SURA Construction’s ‘Know-How’ newsletters.