The construction sector in the Asia Pacific region is facing an increasingly uncertain operating environment. Components of this uncertainty are not dissimilar to those faced by Europe – war in Ukraine, inflation leading to cost escalation, contractor or sub-contractor solvency and supply chain snarls creating project delays appear to be commonplace. However the APAC region is also facing some challenges that are unique to the region such as a seemingly never-ending health crisis and the shifting nature of the workforce driven through an emerging response to environmental and social challenges. Individually these are all significant challenges, but collectively they create a major problem for the sector and require a sound risk management approach and a holistic response from all industry stakeholders – including the insurance markets.
These challenges appear to be prevalent in most but not all of the Asia Pacific region and there are different trends at a country level across the region.
Find out more about the challenges faced by risk managers in the construction industry at Commercial Risk’s first Construction Risk Management Asia conference in Singapore on 28 September.