Taking a deep dive into the latest updates from the construction industry
We are now in the second half of 2022 and it’s reassuring to see the construction industry is experiencing a positive outlook in most geographies around the world with increased activities. But what about the challenging market conditions that are posing significant risks such as inflation, supply chain breaks, labour shortages, and material costs?
Market update
The number and the magnitude of projects have increased significantly in North America. We are observing that contract values have increased approximately 30% year over year and we anticipate continued improvement throughout the remainder of 2022. Certain high hazard exposures and contractors with challenging risk profiles will continue to experience rate increases, but the rate of these increases will be tempered as the market improves. With an influx of capital into the market, compounded by increased competition for quality risks, the market has shown an increased trend towards flexibility in pricing and coverage offerings.
Inclusion and Diversity in Construction
Diversity and inclusion (D&I) is a topic of global importance that affects a range of industries and sectors. For the construction industry however it’s a top priority due to its potential crippling long-term impact. Some of the highlights discussed at our conference:
- Culture and accountability
- Unconscious bias
- Making diversity work for women in construction
- Investing in future generations
Learn more about the D&I discussion at the conference.
ESG In Sight: Clarifying the role of the risk manager in ESG
Environmental, social and governance (ESG) and sustainability issues are seen as a multifaceted challenge and a growing area of attention for the construction industry. Some of the highlights discussed at our conference:
- Materials and building methods
- Climate
- Setting ESG goals and metrics
- Focus on long-term value
Learn more about the ESG discussion at the conference.
Disclaimer
Willis Towers Watson hopes you found the general information provided in this publication informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, Willis Towers Watson offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).
