Construction - an industry in transition
When we look at the trends impacting the Construction industry over the past years, we see new eco-friendly building materials, the rise of prefabrication, as well as increased digitalisation. Meanwhile the industry is vulnerable to market fluctuations and challenged by a lack of skilled workers, as well as the availability of raw materials.
“Digitalisation is bringing in new ways to measure performance, as well as helping to automate tasks to help ensure the safety of a project. In this issue of Risk Consulting, we highlight how digital solutions are adding value, by way of robotics, digital modelling and virtual reality. Read the Skanska article to learn more.
Clients are making use of digital solutions and data to better understand their risks, manage quality and deliver their projects on time. This also applies to reporting, where more data is gathered to measure performance on the work being completed.
A reliable partner
At If P&C Insurance, we do our best to provide the coverages that offer our clients the best possible protection. Whether big or small, construction projects often face multiple risks. Often, bringing your insurance partner along early on will ensure that you get the best coverage for your construction project.
Clients benefit from our expertise in the project as well. If’s Risk Engineers work together with clients to ensure that projects are mitigating risks, progressing in accordance with initial planning and taking all the relevant details into account. From working safety to utilising the best possible building materials, having our risk management team involved early on will provide additional protection for your investment.
Insights into Global Risks
In January of 2020, the World Economic Forum has published its 15th Global Risks Report. Among many significant highlights, one key insight from the report notes that: “For the first time in the survey’s 10-year outlook, the top five global risks in terms of likelihood are all environmental.”
The report compiles the greatest concerns of over 750 global experts and decision-makers and provides forecasts on the likelihood and impact of these events. Overall, 78% of people surveyed believed that “economic confrontations” as well as “domestic political polarization” will stand to increase in 2020.
Excavator sales growth in China
Early indicators of growth for the construction sector in China include the sales of excavators and other construction equipment. According to China Construction Machinery Association, the sales of excavators has seen year-on-year growth of up to almost 22%. This suggests that the Chinese government efforts are taking effect as pressure to spur on growth is mounting amidst a slight economic downturn. These efforts are expected to continue in the coming year.
Robots enter construction sites
The construction industry continues to evolve. New technologies from software to robots are becoming increasingly common at work sites around the world. As contractors struggle to find laborers, robots provide a viable option. They do not get sick or experience fatigue and can work without breaks in a reliable and cost-efficient manner. However, the use of robotics is in its early stages with many tasks (such as electrical work) still demanding human involvement.