2021 Construction Benchmark Report Published

COLUMBUS, OHIO – The 2021 Construction Benchmark Report is published and now available from Assurex Global.

With the report, construction company decision-makers can find insights, statistics, and other valuable information gleaned from the purchasing decisions of hundreds of peer companies, all of which can help build a good framework for their own insurance purchasing decisions. 

“The Assurex Global Construction Benchmark Report is a great resource to provide education and understanding to help constructions clients make more informed risk management and insurance decisions,” said Dale A. Kaprosy, Senior Vice President at Oswald Companies. “It is a great resource tool to provide clients with specific solutions that help continue to build their success and have a safeguard strategy for unexpected events.”

According to the Associated General Contractors (AGC), construction companies generate $1.3 trillion of economic activity annually, producing more than 7 million jobs. This constitutes approximately 9% of the U.S. economy. Economists are forecasting continued growth in the construction industry in the coming years.

The 2021 Construction Benchmark Report is the second annual survey of the purchasing habits of contractors that are insured through Assurex Global Partner firms. This report focuses on North America and 1,983 construction companies of varying sizes and specialties, generating revenues from less than $1 million to more than $880 million.

While much of the data conformed to our expectations, some elements surprised us, including:

• Excess liability limits were lower than expected and less than last year’s survey. This could reflect economic conditions since this coverage is often viewed as a commodity.
• Contractor’s equipment limits were lower than we expected.
• While the highway/underground category had the greatest values, even those values seemed modest.
• The percentage of firms purchasing contractor’s professional liability was relatively modest and lower than our last survey. While we believe the more representative sample drove the decrease, changes in contractual requirements may have had an impact. 
• There was substantial variability between segments in the purchase of directors and officers (D&O) liability and cyber coverage.

Assurex Global conducts numerous reports throughout the year to assist partners and clients. This is the second annual benchmark report published for the Construction industry. Benchmark reports are also available for the Education, Health Care, Manufacturing, Non-Profit, Real Estate, and Technology/Life Sciences industries.

Assurex Global (www.assurexglobal.com) is the world’s largest privately-held property and casualty insurance, risk management, and employee benefits brokerage group. The company operates as an exclusive partnership, supported by more than 100 of the most respected and successful global insurance broker members.