Signs of the Times: Labor Shortages, Liability Expansions and Cyber Threats

From the pages of ENR Sections Insurance Today

Total construction spending is on the rise, the economy is growing, and the insurance and surety markets are stable and strong. The value of construction put in place in 2018 totaled $1.3 trillion, a 3.3% increase from 2017, according to the U.S. Census Bureau Statistics, and all signs point to a mostly positive 2019.

According to the 2019 P&C Market Outlook: Construction Sector Overview report by USI Insurance Services, the property and casualty insurance market has a surplus of more than $760 billion, with expanding levels of alternative capital. 

As the construction industry continues to adopt technology in the office and in the field and use data in one of the fastest-growing coverage areas, 2019 will likely be focused on cyber liability."

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