The London based international under writing association (IUA) has called on the construction industry globally to embrace reform in order to help improve the provisions of professional indemnity insurance. The IUA maintains that there is need for continuing improvements to regulation in the construction industry that prioritize quality construction and safety over the current culture of cost-cutting. The construction industry and the professional indemnity insurance market especially in the UK have experienced challenging business conditions as insurers have handled a great many claims arising from fire safety issues and the use of cladding especially in high rise residential buildings which is the biggest concern. The proposed overhaul of the regulatory frame work of the construction industry is no doubt music to insurers ears in the UK.
- INDIA INSURERS CALLS FOR LEGISLATION SPECIFIC TO FRAUDULENT INSURANCE CLAIMS.
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