Journal

2022 MARSH MCLENNAN GLOBAL CONTRACTORS' HANDBOOK

In recent years, the economic landscape for contractors has greatly evolved due to ongoing calls for more sustainable practices and processes, imminent stimulus injections, and rapidly accelerating inflation. The construction industry has also faced a thinning workforce which has left companies with a shortage of labor, particularly in the face of increasingly robust competition from other industries.

Against that backdrop, contractors should take steps to improve their communication with insurers and reinsurers, especially with the post-COVID landscape and prevailing issues like climate change slated to introduce new complications for coverage and claims in the near future. Organizations that proactively and creatively confront challenges as well as evolve their business model to capitalize on emerging opportunities will be best placed to succeed in the long run.

We are pleased to share the 2022 Marsh McLennan Contractors’ Handbook with you, featuring perspectives from business leaders across Marsh McLennan as well as strategic partners with expertise in the construction industry. This handbook explores the most notable trends set to transform the contractor landscape including sustainability, adoption of new technologies, workforce challenges and the value of inclusion & diversity initiatives in the construction industry.

Please contact me or any of the specialists featured herein if you have any questions.

Richard Gurney
Global Head of Construction, Marsh Specialty

Understanding Economic Drivers
Understanding Economic Drivers

The winds of change are gathering over the construction industry as recent macroeconomic developments leave businesses with critical decisions to make. Ongoing calls for more sustainable practices and processes, imminent stimulus injections, and rapidly accelerating inflation are amongst the most notable trends set to transform the economic landscape for contractors. Organizations that proactively and creatively confront challenges as well as evolve their business model to capitalize on emerging opportunities will be best placed to succeed in the long run.

Exploring Workforce Dynamics
Exploring Workforce Dynamics

The thinning of the construction workforce in recent years has left companies facing a severe shortage of labor, particularly in the face of increasingly robust competition from other industries. Employers must step up their recruitment, development, and retention efforts and invest more in people and culture, including by bolstering benefit and support offerings and expanding diversity and inclusion initiatives.

Navigating Risk Transfer
Navigating Risk Transfer

As the global insurance market hardens, contractors need to be more cognizant of insurers’ concerns and risk appetite as well as the potential for heightened risk management expectations and information requirements. Companies should take steps to enhance the bankability of their projects and improve their communication with insurers and reinsurers, especially with the post-COVID landscape and prevailing issues like climate change slated to introduce new complications for coverage and claims in the near future.