New construction-focused London market committee launched

A new London market committee for construction and engineering claims professionals has been established.

The committee has been created by the International Underwriting Association (IUA), which said it will meet regularly to provide a formal discussion forum for company representatives.

The goal is to promote good practice, host educational presentations and share industry insights.

Joe Shaw, senior underwriting and claims executive at the IUA, said: “Our construction and engineering claims committee offers an exciting opportunity for IUA members to focus in detail on claims issues within the London company market.

“There has already been much interest from firms active in this class of business and the group will perform an important networking and career development function.”

Research

It comes as the transition to renewable energy creates new challenges for the construction and engineering sectors.

Specialist insurer GCube released research in 2024 which warned that as the renewables sector enters a new wave of global construction activity, the build out of projects continues to be jeopardised by contractor errors and defects, nat cat and extreme weather events. 

Fraser McLachlan, GCube founder and chief executive, said: “Over the past few decades, GCube has witnessed first-hand how boom and bust cycles manifest in pressure on the supply chain and culminate in contractor error and defect issues. This, in turn, has led to a more cautious approach from underwriters.

“However, the forthcoming period of construction activity – and the rising impact of extreme weather – requires a high concentration of risk management, insurance and claims expertise as the industry braces itself for an inevitable increase in losses. Pivotal to minimising project disruption and unbudgeted expense will be the collaboration of insureds and insurers to exchange information and expertise throughout the project lifecycle – this is the key message of our latest report.”