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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The insurer's answer to mitigating jobsite risk: IoT technology

The data generated by IoT devices, both individually and aggregated, help improve safety and reduce risk.

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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)

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.

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