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Overview

This week, we take another look at the impact the current COVID-19 pandemic has had on the construction industry in Australia. A year ago, with new rules around self-isolation and social distancing due to COVID, many sectors of business were hard hit.

However, despite lockdowns, most major projects especially in Victoria continued with the support of on-going and considerable infrastructure spend by the State Government. Newly devised regulatory and statutory reforms designed to revive the construction industry and support economic growth post-COVID were brought into effect as well.

Greater Duty of Care, and increased Mandatory requirements support a State-based approach to legislation underpinned by a Federal Construction Code all designed to work together to support a construction sector which is the economic heart-beat of post-COVID Australia. "The weapon has been armed and its started working!" as stated by Nick Lux.

That said, what does it mean for insurers from a risk perspective? Insurance continues to be an important factor in managing risk in the construction sector; it will take time for the dust to settle on the hardening in the insurance space recently as the construction industry resets.

This session covers:

  • A review of the past year's developments
  • Discussion on the recent reforms and changes
  • The importance of infrastructure projects as drivers of economic value post-COVID
  • The challenges of managing and regulating the multi-speed economy which is the construction sector
  • Greater intervention and supervision from the Regulators going forward

The webinar was hosted by Stephen Higginson, Head of Customer & Distribution for Australia and New Zealand at Swiss Re Corporate Solutions and was joined by:

  • Nick Lux  – Partner, Wotton + Kearney