New technologies to fundamentally change construction and engineering risk and insurance
Written by staff reporter
2018-06-13
New technologies could lead to significant improvements in efficiency including enhanced monitoring, mitigation and management of engineering-related risks. But they bring with them new risks such as cyber. Global engineering insurance premiums for 2017 were estimated at around US$21bn, but have stagnated in recent years according to the latest sigma study from the Swiss Re Institute.
While London remains an important centre for construction-related insurance, increasingly engineering risks are underwritten from international hubs in Singapore, Dubai and Miami.
Mike Mitchell, head of Property & Specialty Underwriting at Swiss Re said engineering premium rates have been declining for over a decade. "Some engineering insurers' profit margins may already have been squeezed close to or below levels that are sustainable over the long term."
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