When Becky Jones began her insurance career over 20 years ago, few underwriters wanted to touch construction. “There was a nervousness around it,” she said. “I thought, well, I’ll give it a go.” That inquisitive mindset has shaped a career now focused on helping brokers and carriers understand a complex, ever-shifting sector.
Today, as construction capacity returns to pre-pandemic levels and competition intensifies, Jones, a construction underwriter with industry training experience, said brokers need to pay close attention to how the market is shifting.
"This is probably the second or third cycle I’ve been through," Jones said. "But this time, the soft market has come around really quickly." Over the past six months, she explained, competitive pricing and new entrants have driven rates down sharply. That rapid shift is creating both opportunities and vulnerabilities.
Capacity has increased as more carriers respond to growing construction demand - especially in areas like sustainable housing and infrastructure. Emerging technologies, including smart wearables, drones, and AI tools, have improved safety and operational oversight, making the sector more attractive to underwriters.
"Where there's more business to write, better health and safety, and underwriting profit potential, there’s increased appetite," Jones said.
Jones warns brokers not to chase price alone, particularly on renewals. “Early engagement is key,” she said. That means helping clients understand where gaps in coverage may lie and explaining the potential consequences.
"There’s often a thin layer of solvency for construction companies. Fixed contracts, volatile material costs, project delays - they all put pressure on businesses," she said. In that context, brokers should look beyond core covers to include products like trade credit, contract disputes, and delayed startup insurance where appropriate.
"In a market where cheap quotes are easy to get, service and the desire to protect the client’s business needs to stand out."
The rise of MGAs focusing on niche and mid-tier construction risks is giving brokers greater flexibility and driving healthy competition in the market. Jones welcomes the trend but says it’s also important that brokers remain mindful of each MGA’s capabilities.
“Brokers need to carry out their own checks," she said, “if new MGAs possess the expertise for these types of risks and if their policy covers and conditions are tailored for this particular sector and there are no exclusions that may put their clients in a detrimental position.”
She added that while new players may help drive pricing down, brokers should also assess whether these providers offer long-term stability.
Climate risks, supply chain disruption, and materials like mass timber are creating new uncertainties. Jones said brokers can support clients by understanding risk management controls and advocating for them.
"Flood defences, weather forecasting tech, wind load measurements – these are all relevant,” she explained. On emerging materials like mass timber, insurers will want evidence of fire and water protections, construction quality, and delay mitigation.
"It’s really about brokers educating themselves on the risk features and the controls expected," she said. “Then they’ll be in a better position to obtain good terms."
Ultimately, Jones sees the broker’s role as going beyond placement. It’s about long-term client protection.
"There are a lot of cheap quotes out there, but it’s about making sure the client’s business is protected in the long run,” she said. That means doing the research - on markets, capacity, and the evolving risks clients face - and advocating for adequate, reliable cover.
