New investments in infrastructure in 2022 are projected to drive strong growth in the construction sector in the year ahead. Nevertheless, the industry faces a number of potential challenges, including a shortage of skilled labor and key materials, higher project costs and shrinking margins.

These trends and broader economic conditions will likely have important effects on the commercial insurance market for contractors and others in the construction industry. Conditions across individual insurance lines vary, from a workers’ compensation market that is expected to remain competitive — despite several worrying labor and macroeconomic trends — to a more difficult market for cyber insurance as companies face the ever-present threat of ransomware attacks.

Learn more about the state of the insurance market and strategies you can use to achieve better renewal outcomes in Lockton’s 2022 Construction & Design Market Outlook.

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