Insurer Executive: Shifts In Risk, Liability Will Alter Construction Insurance

Joshua EtemadiBonds, Construction, News

Michael S. McGavick, the chief executive of insurer XL Group Ltd., delivered the keynote speech at the International Risk Management Institute construction conference earlier this month in Indianapolis. A former chief executive of Safeco Corp. and a former candidate for the U.S. Senate in Washington state, McGavick predicted in his speech and in a later interview that construction insurance would evolve as the construction industry adapts to a changing world of risk and liability. “The reputation of our industry as being slow to change is just going to end,” he predicted. Here are a few of his key points, as recorded and edited by ENR Deputy Editor Richard Korman.

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