![]() ![]() ![]() In our first 2 papers of this series we looked at the risk profile of construction-based SMEs and their approach to insurance. Current claim trends in construction PI.The approach construction-based SMEs take to insurance and.The risks currently faced by construction-based SMEs.The links to the first and second articles can be found below: In this article, the third in the series, we look at ‘Current claim trends in construction PI’. The COVID pandemic has created a new set of challenges and compounded an already challenged construction PI market still recovering from the recent departure from the PI market of Lloyds syndicates and the cladding fallout following Grenfell in the UK and Lacrosse in Australia. 1When looking at PI insurance through the lens of a construction SME, there are particular drivers of purchase power and influences unique to the SME market. In Australia SMEs account for 99.8% of businesses, with construction based SMEs making up 14% of the SME market. SMEs make up the majority of businesses worldwide. ![]()
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