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Insurers feel the pain as construction crisis grows
With Australia’s building industry battling rising costs and material shortages, construction sector experts weigh in on how insurers can protect themselves and their customers. The body blows keep coming for the embattled Australian construction sector — and some insurers are feeling...
27 Jul 2022
4 mins read
With Australia’s building industry battling rising costs and material shortages, construction sector experts weigh in on how insurers can protect themselves and their customers.
The body blows keep coming for the embattled Australian construction sector — and some insurers are feeling the pain as a result.
Rising inflation and interest rates, supply chain delays, labour shortages and the increasing cost of materials have put the industry under pressure, with some high-profile builders such as Probuild, Privium and Condev going into administration.
More builders are expected to go under, which in turn creates uncertainty for insurers.
‘The threats are certainly coming thick and fast at the moment,’ says Glenn Ross, CEO of MECON Insurance, an underwriting agency that specialises in construction insurance.
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