Can the construction industry recover from the Cladding crisis, Lacrosse appeal and the Opal Towers bad practices?
Getting to the Heart of the Matter… tune into our thought leadership podcast series
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