The Construction Casualty Storm of 2024 🌪️⚡️ As we move into 2024, contractors face a brutal casualty insurance market driven by social inflation, labor shortages, and emerging liability risks. My firm Newfront's new casualty outlook report dives deep into the perfect storm impacting rates, capacity, and coverage terms for construction firms. Nuclear verdicts remain rampant, with the median award size up 27.5% from 2010-2019 to $24.6M. Skilled labor crunches are heightening worksite injury exposures. And new risks like PFAS/microplastics contamination have insurers on high alert. While some opportunity exists in the middle market, habitational and high hazard construction will likely see further firming ahead. Here are four proactive strategies construction executives must deploy in 2024 to successfully navigate this storm: ✓ Analytical underwriting data ✓ Innovative program restructuring ✓ Rigorous loss control investment ✓ Vertical integration opportunities Read the full analysis and insights from Lauren Pratscher & Frannie Epps by clicking the link below. Let me know your biggest casualty challenges!
Casualty insurance is an evolving landscape due to various economic, technological, and societal factors. Newfront's Lauren Pratscher and Frannie Epps explore the ongoing topics that persist alongside the top emerging risks, shedding light on key challenges and opportunities for insureds in 2024: https://lnkd.in/gCA6Tisq #casualty #2024 #newfront #insurance