Between 2018 and 2027, engineering insurance premiums could rise to $34.5 billion, according to the latest sigma study from the Swiss Re Institute. (Photo: iStock)
Engineering insurance is a specialty line of business that provides protection against losses from unforeseen circumstances during the construction and operation of plant, buildings and infrastructure.
With annual premiums of around $21 billion, engineering insurance represents only a small part (around 3%) of the overall commercial insurance market. However, without such cover many construction projects and the operation of vital machinery would prove prohibitively risky to undertake.
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Jayleen R. Heft
Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].
