Seven Trends Making Engineering and Construction Projects Bigger and Costlier
NEW YORK — Large engineering and construction projects have changed beyond recognition in recent decades. Whether the project 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. The report examines how new technologies, such as drones, satellites, lasers, and computer modeling, are increasingly being used to speed up claims and mitigate risks: