It’s safe to say the construction sector is finally rebounding from the recession. Nonresidential construction forecasts predict a 5% to 7% increase in spending in 2014. While this growth is welcome, it does present new risk management challenges for contractors.
In a recent interview with Property Casualty 360°, I discussed some of these challenges. One of the most immediate is a shortage of skilled labor, which is causing an increase in claims. We’ve had multiple clients tell us that many of the workers now coming back into construction have not done any skill work during their absences. They are discovering the need to retrain and ease those workers back into the workplace.
In addition to workforce issues, the article discusses market capacity, rates, and coverage trends.
Read Building On a Rebound.