Despite several global headwinds in the construction and insurance fields, the general consensus for both designers and contractors remain cautiously optimistic.

As the funds from various stimulus programs start to trickle through to actual projects, both designers and contractors are having to deal with several challenges. These include:

• A talent gap in both the design and construction arenas.
• Continued supply-chain issues.
• Energy issues caused by the war in Ukraine.
• Adherence with ESG goals.
• Inflation rates not seen for many years.

The last of these is the biggest headache facing insurers of professional risks. It was recently reported – following the annual Monte Carlo meeting of reinsurers – that the large reinsurers anticipate significant rate hikes for year-end renewals. The reasons are varied and plentiful, but the ultimate driver is an increase in severe claims in key markets caused by increased exposures and inflation.

In this edition of the Sentinel, we have asked our global colleagues to articulate the biggest challenges they are facing, as well as the trends in their local markets.

Please click here to access Sentinel Issue 20: Q4 2022 Design and Construction Professional Liability – Recovery Amidst Recession?

Contact

The Professional Services Practice at Aon values your feedback. To discuss any of the topics raised in this article, please contact Michael Earp, Mark J. Peterson or Bob Rogers.





Michael Earp
Architects & Engineers Practice Leader
Chicago







Mark J. Peterson
Managing Director and Design & Construction Firm Practice Leader
Omaha







Bob Rogers
Managing Director and Design & Construction Firm Practice Leader
Omaha