Starting off 2023, contractors are still dealing with concerning trends from 2022. This report outlines those trends and identifies new areas to keep your eyes on.

We strive to keep contractors abreast of current conditions and trends, and provide our suggestions on how you can alleviate that pain or better prepare. The following nine trends are areas we see impacting insurance and risk management in the construction industry:

  1. Continued construction labor shortages
  2. Easing supply chain disruption and price volatility
  3. Modular and prefabricated construction
  4. 3D printing
  5. Rising Property insurance and Casualty insurance rates
  6. Subcontractor instability, and bond and subcontractor default insurance (SDI) claims
  7. Cyber risks
  8. Concerns around Property insurance and Professional Liability insurance capacity
  9. Occupational fraud in construction
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Disclaimer

Gallagher provides insurance, risk management and consultation services for our clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance/risk management perspective, and offer broad information about risk mitigation, loss control strategy and potential claim exposures. We have prepared this commentary and other news alerts for general informational purposes only and the material is not intended to be, nor should it be interpreted as, legal or client-specific risk management advice. General insurance descriptions contained herein do not include complete insurance policy definitions, terms and/or conditions, and should not be relied on for coverage interpretation. The information may not include current governmental or insurance developments, is provided without knowledge of the individual recipient's industry or specific business or coverage circumstances, and in no way reflects or promises to provide insurance coverage outcomes that only insurance carriers control.

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