From the skyrocketing price of steel, lumber, and fuel to the significantly increased cost of skilled labour, the construction industry has been hit hard by the current inflationary environment. And as the insurance market adjusts to inflation, insureds are facing higher costs for coverage.
In this episode of Marsh’s Risk in Context podcast, Richard Gurney, global head of construction within Marsh Specialty, talks to Kelly Outram, head of global contractor development at Marsh, and Gaurav Kapoor, the strategy and operations leader for global construction. They look at the different ways in which inflation is impacting the construction industry and projects and discuss actions that contractors and project owners can take to address multiple risks.