Prolonged uncertainty following the COVID-19 pandemic, regulatory pressure, rising inflation, labour shortages, increased materials and energy prices and supply chain strains combined to affect the growth of the construction market in the Asia Pacific region in 2022.
However, changes in government policies and spending on infrastructure projects are expected to play a pivotal role in the revival of the industry in the region from 2023 and beyond. Globally, the construction sector is expected to grow by US$4.5tn to US$15tn between 2020 and 2030, with a significant proportion of this growth coming from Asia.
Amid this renewed optimism there are a myriad of challenges which will require risk managers to get to grips with an array of emerging as well as existing risks.
The drive to achieve net zero status by 2050 requiring the use of new materials, supply chain issues, the impact of climate change, the use of renewable energy, increasing ESG regulations, the onset of Construction 4.0 and the challenge of recruiting a skilled workforce are all having a major impact on the escalation of risks the construction sector needs to manage, mitigate and, if possible, transfer.
In light of these mounting risks, risk managers and insurance buyers need to know that their insurance partners will step up to help them to meet this challenge. They require close collaboration and new and innovative insurance initiatives or access to alternative solutions.
This 1st edition of the Construction Risk Management Conference in Asia will assess the increased pressures faced by risk and insurance managers across the region, whilst providing helpful insights into risk management best practice. It will also search for the answer to the question of "is the insurance industry keeping pace with the demands of a transitioning construction industry in Asia?".
Register for this session here!