Aon’s Design and Construction Team reviews global market trends for Architects & Engineers and Contractors in Sentinel Issue 22: Q1 2024 Design and Construction Professional Liability.

Most economists no longer predict a near term global recession. The impending gloom has been replaced with tepid optimism for most economies. And the construction industry continued to outpace most sectors over the past year due in large part to infrastructure spending and capital improvements throughout the manufacturing space — renewables most specifically.

But the construction industry on a macro basis continues to face challenges. Sufficient labor and the cost of that labor remains unsettled. Material costs continue to climb generally and certain material, such as concrete, have grown at rates which seem disjointed and untethered to anticipated supply. Finally, the lingering effects of inflation remain in the form of rising budget costs for new projects and the costs associated with those endeavors which require extended schedules for completion. Social inflation, in the form of eye-watering claim settlements and verdicts, also continue to generate headwinds for casualty insurers of the industry.

Please click here to access Sentinel Issue 22: Q1 2024 Design and Construction Professional Liability – A Mixed Bag of Indicators for Construction Professional Liability

Contact

The Professional Services Practice at Aon values your feedback. To discuss any of the topics raised in this article, please contact Michael Earp, Mark J. Peterson, Bob Rogers or Marty Andrejko.





Michael Earp
Architects & Engineers Practice Leader
Chicago

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Mark J. Peterson
Managing Director and Design & Construction Firm Practice Leader
Omaha

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Bob Rogers
Managing Director and Design & Construction Firm Practice Leader
Omaha

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Marty Andrejko
Philadelphia

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