Under cover: As construction picks up, jobs for contractors will rise, requiring more industry insurance
IBISWorld’s Contractors' Insurance market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.
Industry Statistics & Market Size
Annual Growth 08-13
Annual Growth 13-18
Industry Analysis & Industry Trends
With strong reliance on the construction market, this industry faced steep declines in the five years to 2013, particularly during the recession. However, as the construction market continues to recover from its recessionary lows, and employment in the United States continues to rise, the Contractors' Insurance industry will grow in the five years to 2018. The industry's technological change and innovation will continue to remain low, despite the implementation of some online services.... purchase to read more
Industry Report - Industry Analysis Chapter
The Contractor's Insurance industry revenue has fallen at an average annual rate of 0.7% in the five years to 2013 to total $10.4 billion. During this time, weak underlying construction and subdued employment hampered industry growth. However, regulation and occupational health and safety standards have curbed the industry's decline throughout the past five years. Such measures have bolstered regulatory requirements for contractors' insurance.
Employers in the construction sector purchase insurance from the Contractors' Insurance industry to cover damages resulting from accidents and mistakes on job sites... purchase to read more
What is the Contractors' Insurance Industry?
This industry includes companies that underwrite workplace risks for contractors in the construction sector. These companies generally cover the insured in the case of a loss stemming from contractor or subcontractor negligence on the job. This report excludes a discussion of construction bonding such as surety bonds.
Contractors general liability insuranceContractors workers compensation insuranceContractors other insurance
Directly underwriting insurance for construction contractorsManaging insurance claims from contractorsMarketing contractors' insurance