Ryan Powers, the Senior Vice President and head of construction at QBE North America, recently shared his thoughts on some big changes happening in the construction insurance world. In a recent interview on Insurance Business TV, Powers talked about current trends, the risks involved, and why there’s still room to be hopeful.
One of the biggest challenges the construction industry is facing right now is a shortage of workers. This lack of labor affects how projects are completed and can increase risks, which in turn influences insurance costs and coverage options. Powers also pointed out the ongoing impact of tariffs, which can raise the price of materials and slow down projects. These factors combined make the insurance landscape for commercial construction a tricky one to manage.
Despite these challenges, Powers sees reasons to stay positive. He suggests that understanding these trends can help insurers and builders find better ways to work together. By adapting to the changing circumstances, it’s possible to manage risks more effectively and keep projects moving forward.
This interview is part of a larger collection of discussions on Insurance Business TV. Other topics covered include how the insurance market can adjust to different conditions, the role of artificial intelligence in the industry, and ways brokers can explain rising prices to clients. These conversations highlight how the insurance sector continues to evolve alongside the construction field.
Anyone interested in how construction insurance is changing will find Powers’ insights useful. They show that even when the market is tough, there are still opportunities to improve and prepare for the future.