INSURANCE INSIGHTS FOR THE GLOBAL CONSTRUCTION INDUSTRY
Working globally on both a wholesale and retail basis, the Gallagher Specialty Construction team arranges construction insurance for contractors and owner-controlled programmes across a range of industries including mining, energy, ports and terminals, power, renewables, and transport infrastructure.
Surety Market Update Q3 2023
Given the administrations we have seen in the Construction sector in recent months we are finding in the Surety Market that there is a larger requirement for a contractor to supply bonds on their projects. When we look at the reasons behind these companies going into administration, ultimately there is one reason which binds them all – a lack of liquidity. This could be the result of poor risk management, one or two problem contracts, the increased costs of materials and labour, or potentially a combination of all of these which result in a ‘perfect storm’.
Alternative Risk Transfer: Captives in Construction
Obstacles and challenges have beset the construction industry in recent years. Post-pandemic supply chain issues have rumbled on, with the Ukraine-Russia war fuelling the cost-of-living and energy crises, which in turn ushered in a global inflation problem. This backdrop of rising costs can lead to cost-cutting and exacerbate the risk exposure within any construction project.
Building Up Cybersecurity in Construction: Challenges and Solutions
The global construction software market is now worth USD9.6 billion and is expected to grow by 8.5% by 2030 and has become a lucrative target for cybercriminals.
Bioenergy growth is inevitable – opportunities abound but tread carefully
In a world where supply security is an ever-growing concern, the reliance on creating a diverse pool reliable of energy solutions is increasing. Can the generation of clean energy and carbon-neutral gas from organic matter be considered a suitable option?
Building Resilience: Real Estate and EIL
Traditionally EIL has been used in single property transactions to insure against potential claims and regulatory liabilities. Increasingly, however, real estate owners and investors are acquiring EIL to cover their operational risks and/or property portfolios.
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