Two years ago, construction plant insurance was at its lowest ebb.
Loss ratios were typically above 100% and insurers needed to balance their books or stop writing plant business altogether. As a result, premiums increased substantially across the board and those policyholders with high loss ratios were hit particularly hard.
The outcome has been improved loss ratios - but it has also driven some firms to self-insurance. This has had a negative effect on the insurance industry and construction
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