Underwriting on a Firm Foundation
Prefabricated modular building materials and practices provide many benefits over traditional construction but insurers need to keep abreast of latest methods and technologies to properly gauge exposures.
Once a novel phenomenon, prefabricated construction is now one of the most widely used construction methods in the world, with the global prefabricated construction market expected to grow at a compound annual growth rate of 6.56% during the period 2016 to 2020, according to recent research from Infiniti.
This modern mode of construction is being used in sectors such as social housing, student accommodation, retail, offices, prisons, health facilities and hotels, where room and building layouts can benefit from uniformity of design. The residential sector is expected to lead the move to prefabrication in response to Britain’s growing housing crisis; ...to read the full article please go to the Insurance Day website here.