Commercial Risk's Construction Risk Management Europe
conference took place on
7-8 June 2023 at the
Leonardo London Tower Bridge Hotel | London, UK
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 or weak economies and the continuation of the war in Ukraine. One of Europe’s foremost research groups, Euroconstruct, announced in November 2022 that latest economic forecasts predict that construction output will drop to 0.2% in 2023 and a flat 0% in 2024 across Europe.
This forecast can be directly attributed to the new economic challenges which 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.
The impact of climate change on the industry, requiring improved modelling and resilience programmes, and the race to net-zero targets are other examples of the challenges facing the industry with construction firms required to meet decarbonisation targets by 2050. This will lead to big changes in construction processes and a drive in the use of new sustainable materials.
This comes just as the industry undergoes a technological transformation with the onset of Construction 4.0, with digitalisation and growth in modern manufacturing methods all of which will provide efficiency opportunities but also increased risks.
In light of these mounting risks, insurance buyers need to know that their insurance partners will step up to help them to meet this challenge. They require close collaboration and new and innovative insurance initiatives or access to alternative solutions.
This 4th edition of the Construction Risk Management Conference assessed the increased pressures faced by risk and insurance managers, whilst providing helpful insights into risk management best practice. It also searched for the answer to the question of “is the insurance industry keeping pace with the demands of a transitioning construction industry?”.