Managing Risk and Opportunity in the Construction Industry

As the construction industry navigates emerging risks and evolving opportunities, this episode explores how these dynamics are reshaping insurance and surety strategies worldwide. Hosts Tariq Taherbhai and James MacNeal unpack the latest insights from Aon’s 2025 Global Construction Insurance and Surety Market Report, offering expert perspectives on market trends, regional dynamics and strategic recommendations for navigating today’s complex risk environment.

Key takeaways:

• North America remains the strongest surety market, driven by public infrastructure and inflation-driven growth.
• High-tech manufacturing projects, such as data centers, are a major global growth driver for construction insurance and surety markets.
• APAC markets, especially India and China, are rapidly maturing, with increased use of commercial and construction guarantees.
• Construction companies are advised to start early in the insurance placement process and carefully evaluate contract structures to avoid coverage gaps and delays.

Experts in this episode:

Tariq Taherbhai — Chief Commercial Officer, Construction and Infrastructure, Aon

James MacNeal — Global Industry Specialty Leader, Construction and Infrastructure, Aon

Key Moments:

[1:38] Three key trends driving insurance and surety markets for the construction industry

[2:58] What’s driving construction trends around the world?

[5:17] Technological innovation is at the forefront of everything.

[7:58] How the market is shaping up for construction liability.

[10:09] The global surety market is projected to grow at about 5 percent annually for the next few years

Additional Resources:

2025 Global Construction Insurance and Surety Market Report

Soundbites:

“There seems to be an insatiable build going on in infrastructure, energy, high-tech manufacturing projects – for example, data centers that are just expanding rapidly globally.” — James MacNeal

“Start early. Begin any insurance placement process as early as possible, especially if you have a complex, high-risk project. Underwriting timelines are lengthening due to increased scrutiny and demand.”
— James MacNeal