# The Q3 2026 insurance market for contractors: casualty up, property down, and what it means for endorsements

Analyst brief R-15, COI Journal Resource Center. Commercial rates fell again in the third quarter, but not on the lines contractors' certificates are built from. US casualty rose, led by auto and umbrella. Here's the picture and what it means for your requirements.

Question: What is happening to construction insurance rates in 2026, and what does it mean for contractor coverage requirements?

By The editors, COI Journal. November 13, 2026. Docket COIJ-26-0016. Published by Forsured.

## Key findings

- Marsh's index shows global commercial rates down 5% in Q3 2026, the ninth straight quarterly decline, driven by property, down 10%.
- US casualty rose 6%, led by auto and umbrella and excess. Risk-adjusted US umbrella and excess rose 13%.
- Zurich reported US construction premiums up 17% in the first nine months of 2026 on flat North American rates.
- Umbrella limits are where contractor certificates are most likely to fall short of requirements as costs rise. Check them first.

## The headline numbers

Global commercial insurance rates fell 5% in the third quarter of 2026, after a 6% decline in the second, according to [Marsh's Global Insurance Market Index](https://www.marsh.com/en/corp/about/news/global-commercial-insurance-falls-5-percent-q3-2026.html). It was the ninth consecutive quarterly decline. Property drove it, falling 10% globally.

In the United States, the composite fell 1%. US property fell 10%.

## Casualty went the other way

US casualty rates rose 6% in the third quarter, after 7% in the second, led by auto and umbrella and excess, [Business Insurance reported](https://www.businessinsurance.com/commercial-insurance-rates-fall-again-in-third-quarter-marsh/). Excluding workers' comp, US casualty rose 9%.

- **Risk-adjusted US umbrella and excess** rose 13%, down from 15% in the second quarter.
- **Commercial auto** saw high-single-digit increases commonly and double digits on standalone placements, per [Risk & Insurance](https://riskandinsurance.com/commercial-pc-insurance-rates-fall-for-ninth-straight-quarter-as-property-softens-further/).
- **General liability** capacity remained available, with insurers scrutinizing terms, Business Insurance reported. Marsh's release gave no GL rate figure.

Those are the lines a contractor's certificate is built from: general liability, auto, umbrella and workers' comp.

## Carriers want construction business

Zurich said its US construction premiums grew 17% in the first nine months of 2026, helped by infrastructure and technology projects, while North American rates held flat, [Business Insurance reported](https://www.businessinsurance.com/zurich-north-american-premiums-rise-5-as-construction-business-grows/).

## What it means for contractor requirements

- **Umbrella limits are the pressure point.** When umbrella and excess costs climb, trades are more likely to carry less than a project requires. Check umbrella limits against your requirement first.
- **Auto is next.** Rising auto costs push trades toward the minimums. Confirm auto limits and that hired and non-owned auto are included where you require them.
- **There's room to ask for terms.** Where carriers compete for construction business, brokers have more room to ask for the endorsements requirements call for: completed operations, primary and noncontributory, waivers. See [additional insured](https://coijournal.com/dictionary/additional-insured/).
- **Watch terms, not just rates.** Business Insurance noted insurer scrutiny of terms on GL. New exclusions at renewal are a reason to re-check endorsements every year.

None of these sources breaks out a construction-specific rate, so we haven't estimated one.

## How we wrote this

Based on Marsh's Global Insurance Market Index for Q3 2026 as released by Marsh on October 21, 2026 and reported by Business Insurance and Risk & Insurance, and on Business Insurance's report of Zurich's results. None of these sources gives a construction-specific rate. General information, not legal or insurance advice.

## Sources

- [Global commercial insurance rates fall 5% in Q3 2026](https://www.marsh.com/en/corp/about/news/global-commercial-insurance-falls-5-percent-q3-2026.html), Marsh, October 21, 2026
- [Commercial insurance rates fall again in third quarter: Marsh](https://www.businessinsurance.com/commercial-insurance-rates-fall-again-in-third-quarter-marsh/), Business Insurance, Claire Wilkinson, October 21, 2026
- [Commercial P&C Insurance Rates Fall for Ninth Straight Quarter as Property Softens Further](https://riskandinsurance.com/commercial-pc-insurance-rates-fall-for-ninth-straight-quarter-as-property-softens-further/), Risk & Insurance, October 23, 2026
- [Zurich North American premiums rise 5% as construction business grows](https://www.businessinsurance.com/zurich-north-american-premiums-rise-5-as-construction-business-grows/), Business Insurance, Gavin Souter, November 12, 2026