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Instant Insights / Construction update: Challenges, opportunities and risks

Today's construction insurance market offers unique challenges and risks, but it also presents opportunities for agents, brokers, and insurers to grow business.

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Against a backdrop of growing worker claims and subsequently rising insurance costs, the ability to measure risk is fundamental to managing it in the fast-moving construction environment. (Credit: Diego Cervo/Shutterstock) Against a backdrop of growing worker claims and subsequently rising insurance costs, the ability to measure risk is fundamental to managing it in the fast-moving construction environment. (Credit: Diego Cervo/Shutterstock)

While new regulatory controls and smarter practices on the jobsite are helping to make the construction industry safer, it is still one of the most dangerous occupations in the U.S. Recent trends, like the shortage of skilled workers and accelerated construction schedules, are exacerbating jobsite risk.

With hundreds of workers from different trades working together on complex, constantly changing jobsites, and operating heavy equipment, dangerous conditions persist. Fatal accidents in construction were up 5% in 2016 (the latest year statistics were available from the Bureau of Labor Statistics). In addition to these tragic fatalities, non-fatal injuries are also a major problem. On top of the physical harm they cause, these incidents also create significant business consequences, costing contractors billions of dollars, putting projects behind schedule and causing insurance costs to rise.

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