construction
April 17, 2024
Construction Defect Claims on the Rise: Understanding the Trends and Impacts
Construction projects are booming. That’s because demand is returning to its pre-pandemic levels, no longer impeded by mass closures, supply chain stalls or a lack of labor. Businesses and homeowners are looking to build, and the industry is more than happy to oblige. “The pre-COVID building boom, combined with lower interest rates and affordability, continues...
March 13, 2024
A Fight for Capital and Capacity – Emerging Risks in the Construction Sector
The construction industry is facing a unique set of challenges in today’s market, leading firms to seek innovative solutions to manage risk effectively. James MacNeal, global industry specialty leader, construction and infrastructure at Aon, highlighted the evolving landscape of risk transfer in the construction sector, emphasising the significance of alternative strategies like parametric insurance and captives...
February 26, 2024
What is Compounding Risks in the Construction Sector?
The construction industry faces several emerging risks in 2024, including supply chain disruptions reminiscent of those faced in 2020 due to geopolitical tensions in the Red Sea. Combined with ongoing economic challenges, construction businesses should expect increased costs and plan meticulously to minimize project delays, an expert told Insurance Business. “I would hazard to say almost...
January 30, 2024
Construction Industry Trends to Watch in 2024
The construction industry has encountered volatility and uncertainty in recent years, brought on in part by fluctuating consumer behaviors, material procurement difficulties, project delays, high interest rates and inflation. Such trends have been vital to monitor, as doing so has helped industry employers create strategies to adjust and remain successful despite these uncertain circumstances. This...
January 24, 2024
OSHA’s Top 10 Most Frequently Cited Construction Standards in Fiscal Year 2023
OSHA maintains records on the most frequently cited standards from worksite inspections for each fiscal year and compiles a list within particular industries. The latest records outline the top 10 standards cited within the construction industry during fiscal year 2023 (October 2022 through September 2023) and the total number of violations for each standard. By...
December 19, 2023
OSHA’s Safety and Health Bulletin on Safety Helmets in the Workplace
On Nov. 22, 2023, OSHA provided a Safety and Health Information Bulletin (SHIB) on the use of safety helmets in the workplace. The SHIB provides the key differences between safety helmets and traditional hard hats. The SHIB also describes the advancements in design, materials, and protective features that help to protect a worker’s entire head....
November 27, 2023
OSHA Announces Top 10 Violations for FY 2023
OSHA recently released its list of the top 10 most frequently cited standards following inspections of worksites by federal OSHA. The list, which consists of preliminary data and is subject to change, reflects the citations across industries and accounts for citations that occurred between Oct. 1, 2022, and Sept. 29, 2023. OSHA notes that workers...
October 26, 2023
Fall Protection Tops List of OSHA Citations for 2023
For the 13th consecutive year, lack of fall protection topped the U.S. Occupational Safety and Health Administration’s preliminary top 10 most frequently cited workplace safety violations for fiscal year 2023. OSHA tallied 7,271 violations of its general fall protection requirements, according to the list released Tuesday at the National Safety Council’s Safety Congress & Expo....
October 16, 2023
NCCI Deconstructs Trends Around High-Cost Workers’ Comp Claims
There’s widespread interest in large claim trends for compelling reasons — they can be devastating for the injured worker and can have significant implications for carrier operations. Workplace injuries that result in large claims — e.g., exceeding $1 million in claim costs — form a small share of all lost-time claims, less than 0.5%. But they...
September 25, 2023
Workplace Accidents Can Be Costly
We all know that safety is essential in construction, but do you realize just how costly a job site injury can be? According to the National Safety Council, the average cost per workplace injury is $1,300. It may not seem like all that much, but the extra expense to pay for injuries has a powerfully...