An expected boom in global construction projects will require new approaches to managing risks for risk and insurance managers but also presents a growth opportunity for the insurance industry, and will hopefully attract new capital and new products to the market.
Population growth and urbanisation, as well as climate change, are expected to be the main drivers in the demand for infrastructure construction and home building in coming years. Climate change and the race to net-zero targets are arguably the greatest challenges that face the construction industry. They will lead to big changes in construction processes and methods, while the industry is already undergoing a technological transformation, with digitalisation and growth in modern manufacturing methods. As the sector grows, so too does the risk of greater pollution and waste.
The industry is set to be a global engine for economic growth and recovery from Covid-19, with average annual global infrastructure construction forecast to grow by 5.1% per year. Some of the highest growth rates will be in North America and Asia-Pacific, while western Europe is forecast to grow by 23%.
The long-term growth in the construction market will bring new challenges to risk and insurance managers and an increased need to transfer risk into insurance programmes. It could also lead to an increase in complex insurance claims.
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