sigma No 2/2018: Constructing the future: recent developments in engineering insurance
Global engineering insurance premiums for 2017 were estimated at USD 21 billion. Compared with other specialty insurance lines, engineering has been relatively profitable. But premiums have stagnated in recent years due to the limited growth in exposures and persistent weakness in insurance pricing. Digital technologies are starting to be used more in construction which could lead to significant improvements in efficiency including enhanced monitoring, mitigation and management of engineering-related risks. However, the increasing use of technology may lead to new risks such as cyber.