June 13, 2018 by Staff
Although they have been stagnant in recent years, global engineering insurance premiums could hit US$34.5 billion between 2018 and 2027, according to Swiss Re.
The reinsurer released its latest Sigma report, Constructing the future: recent developments in engineering insurance, on Wednesday.
Global engineering insurance premiums reached US$21 billion last year, but Swiss Re expects an acceleration in economic activity in advanced and developing markets to stimulate construction activity, spurring a greater demand for engineering insurance.
The reinsurer also predicts that increasing digitization in the construction sector could lead to new risks to underwrite, such as cyber.
Click here to read the full report.
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This story was originally published by Canadian Insurance Top Broker.