One of the country’s biggest brokers in the building contractor insurance market believes that the recovery in the building and construction sector is overdue and that the light should be seen at the end of the tunnel shortly.
Titan, which handles building contractor insurance for many firms operating in the UK, believes that the sector is now overdue for recovery and that things must start looking up soon, following the lead of the manufacturing sector which for the first time in over two years is showing meaningful growth.
It also believes that the sector is now well set up for recovery and that prospects will look good once order books begin to fill again. By the end of 2011, the sector should be seeing some growth, although much depends on the extent of the austerity cuts and how these put a stop to public sector building projects.
Chief Executive Officer of Titan Building Contractor Insurance, Basil Tsapralis, said:
“The building and construction sector is traditionally one of the last in and last out during a recession, and this period of instability seems to be following the usual pattern.
“Recessions are usually heralded by a crisis and ironically in 2008, it could have been said that it was both a property and financial crisis which caused the problems. Banks were accused of investing in dodgy mortgage investment vehicles that were doomed to fail. It was a pack of cards which had to fall eventually.
“The sector is now due for recovery and let’s hope the austerity cuts don’t inhibit future growth too greatly.”
Titan Building Insurance arranges insurance for a UK based portfolio and prides itself on a highly professional service, with some of the best rates available in today’s market.
For more information visit www.titan-insurance.com