WTW’s latest global construction rate trend report details growing levels of capacity in the construction market which it forecasts will continue during the second half of the year and into 2025. It said growth in energy, utilities and infrastructure projects was underpinning expansion in the construction sector and fuelling insurer appetite for this business.

The research found that elections had caused delays in investment decisions that directly affect the construction industry. But it said the outlook was optimistic for large infrastructure projects going into 2025, particularly in the UK and the European Union.

Iain Drennan, head of construction Australasia at WTW, said: “All indicators point to a positive market outlook as we finalise the year. The resilience of the construction insurance market continues to impress in the face of persistent economic headwinds, and contractors are finding innovative ways to manage risk.”