Large engineering and construction projects have changed beyond recognition in recent decades. Whether it is an airport, a power plant or a car manufacturing complex, sites are now much larger, more complex and more expensive, meaning more is at stake if things go wrong.
Analysis by Allianz Global Corporate & Specialty (AGCS) of more than 13,000 engineering insurance claims over the last five years has identified seven major trends in engineering and construction projects, driving some of the largest losses ever, according to a new report by the insurer. The report also examines how new technologies, such as drones, satellites, lasers, and computer modeling, are increasingly being used to speed up claims and mitigate risks: