Perhaps unsurprisingly, construction market premiums increased in Q1 2022, continuing a consecutive trend that began 18 quarters ago. Previous issues related to COVID-19 were replaced by new challenges, including inflationary pressures, international supply chain disruption, and economic uncertainty.

However, despite the convergence of these economic challenges, there are signs premium increases are beginning to moderate across most lines. Yet, in line with the previous few quarters, the cyber and umbrella markets continue to see double-digit increases. Due to increased demand and decreased capacity, cyber carriers heavily scrutinize each submission under increasingly stricter underwriting requirements.