Cost factors affecting insurance construction

August 5, 2021

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During 2020 and continuing into 2021, the United States (U.S.) faced unprecedented challenges related to the COVID-19 global pandemic.

Many areas of service, retail, factories, and more were unable to work, resulting in widespread and intrusive uncertainty. With this uncertainty, significant cost factors escalated. These impacted the insurance construction sector, and it is changing quickly. The areas that continue to change are in the labor market, materials availability, shipping delays and the longer timeline for restoration. Awareness of these factors is critical to planning and managing claims.

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Tags: construction, coronavirus, COVID-19, Evolving risks + Response, pandemic, Post-COVID reality, Trends + Transformation