Willis: Global Insurance Capacity Hits All-Time High
Construction insurance is getting cheaper and easier to buy around the world, says Willis, the London-based broker.
With the volume of work down and competition among insurers intensifying, capacity "is at an all-time high," says the broker in its report on construction, property and casualty policies for July 2014.
Traditional property and casualty insurers "are seeking to extend their portfolios" to construction, says Willis.
A new entry, says Willis, is Allied World Europe, which announced a new construction line of business headed by a former AIG executive.
Additionally, new competitors from Asia have added to capacity. These include PICC, Ping An, Korean Re and Samsung.