The construction industry and the insurance industry have in common a landscape of uncertainties, struggles and competition, where every penny counts. As CEO of Willis’ North American Construction Practice, Rick Hawkinberry keeps careful watch on this landscape and shared his insights about it at RIMS recently. You can watch the video below, or on YouTube.
We’re not seeing the larger rate increases in construction that we’re seeing in the other areas Willis does business, said Hawkinberry. In spite of strong capacity, continued competition for market share, and a still-struggling construction sector, most carriers are pushing for rate increases, but we’re not seeing as much of them as the talk would indicate.
New Trends in Construction Coverage
An interesting new development he’s seeing is construction coverage being sought by entities that aren’t contractors: people who own facilities or are building facilities—investment trusts, utilities, especially health care organizations.
Hawkinberry emphasizes that, even with these challenges, competitive programs can still be achieved with detailed renewal strategies and clear goals and objectives set for early in the renewal process.