Professional indemnity coverage softening for construction sector

A report by U.K.-based law firm Clyde & Co. LLP said the professional indemnity insurance market for construction and engineering firms is softening in Australia as more capacity re-enters the market, Asia Insurance Review reported. The change comes after a period of significant market hardening that was driven by the 2014 Lacrosse apartment and 2016 Grenfell Tower infernos that dampened insurers’ risk appetite.