Research

Construction Marketplace Realities 2019

Introduction

March 29, 2019
| United States

Welcome to our Spring Construction Marketplace Realities. In this edition we hope you notice our renewed focus on providing more than just market updates but also giving insight around what it means from a strategic standpoint and what the most important points are from each line of coverage. The depth of material and expertise contained in this edition are a direct result of our connected teams and our collaborative approach in delivering the very best insights to our clients.

The construction industry is experiencing a myriad of evolving risks that do not preclude opportunities for our clients but can make the route to them more complex for the unprepared. Contractors are faced with broadening contractual requirements while, at the same time, being driven to evaluate the handling of risk transfer within a changing insurance marketplace. You will read about aspects of the market that can significantly impact a project’s margin if ignored or not understood early in the project process. Examples of these include significant challenges around auto liability and how wildfire exposures are addressed as many markets seek to exclude cover.

These challenges can be met by strategic planning early and by heightened focus on the quality of information being supplied to an increasingly discerning underwriting community. In addition, it is imperative to evaluate new approaches such as integrated risk placements or the use of alternative risk transfer techniques, including parametric solutions for addressing project risks stemming from extreme weather events. Creativity and innovation will now be essential in building leading-edge approaches to risk management.

We hope you find this overview valuable and encourage you to help guide us further in how we deliver our insight to you.

Bill Creedon
North America Construction Industry Leader
Kelly Kinzer
North America Construction Broking Leader