Scope Underwriting targets mid-market gap as construction sector leads insolvency tables

Scope Underwriting has expanded its Contractors All Risk (CAR) facility to target mid-market construction risks as insolvencies remain elevated in Australia’s sector. ASIC data cited in the report shows Australia’s construction industry accounted for 27% of all company insolvencies in 2023-24, with 2,975 construction firms entering external administration. While big insurers and Lloyd’s still provide capacity for annual and project-specific business, the article says appetite narrows in the mid-market, where underwriting participation depends on contractor size and risk profile and risk engineers are used more often on complex or high-value projects. Scope, a Melbourne-based MGA underwritten at Lloyd’s and backed by Rhodian Group, aims at mid-to-larger commercial contractors and covers a range of project types.