Construction Risk Management Europe 2024

The construction industry was set to be a global engine for economic growth and recovery from Covid-19, but this expected boom is already facing challenges from inflation, the threat of recessions and the continuation of the war in Ukraine.

These new challenges can lead to project delays, cost escalation and insolvencies requiring the sector’s risk managers to get to grips with an array of emerging as well as existing risks. Climate change and the race to netzero targets are other examples of the challenges facing the industry, and will lead to big changes in construction processes. This comes just as the industry undergoes a technological transformation, with digitalisation and growth in modern manufacturing methods. Meanwhile, supply chain delays and disruption continue to prove a big problem for the sector following the pandemic and war. And, on top of these mounting risks, insurance buyers face an ongoing hard construction insurance market which presents mounting challenges to risk transfer.