In this Industry Insight episode of the On Aon podcast, Aon construction leaders explore the scale, complexity and opportunity shaping the global construction sector. The discussion examines how construction is driving global economic growth, with spending projected to rise sharply through 2030, while also creating new Risk Capital and Human Capital considerations.

The conversation focuses on how construction organizations can manage increasing costs, supply‑chain pressures and insurance complexity, while also addressing persistent talent shortages, technological change and safety challenges.

Key Takeaways:

1. Construction is a critical engine of global economic growth, accounting for trillions in annual spend and employing hundreds of millions of people worldwide. Continued investment in data centers, power and critical infrastructure is set to drive growth for years to come.
2. As projects grow larger and financing structures evolve, risk management has become a leadership discipline rather than a technical exercise. Advanced approaches to natural catastrophe exposure, project delay risk and capital allocation help organizations protect balance sheets and keep complex projects on track.
3. Human Capital is emerging as a strategic differentiator. Talent shortages and rising technical demands mean workforce capability, safety and upskilling are essential inputs to growth — not just downstream considerations.

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:

(04:55) A look at the main risk pressures facing construction leaders — rising costs, ongoing supplychain disruption and increasing insurance and project complexity.

(08:50) How construction leaders are using data, analytics and scenario analysis to understand projectlevel exposure to natural catastrophes and climate risk — moving beyond portfoliolevel views to inform smarter decisions on individual sites.

(12:42) How construction organizations are responding to Human Capital challenges, including labor shortages, skills gaps, safety and the growing role of technology on job sites.

Soundbites:

James MacNeal:
“With projects getting more complicated and private financing playing a much bigger role, solid risk management and insurance, they're not just optional anymore, they're absolutely essential.”

Tariq Taherbhai:
“Construction is a massive employer. If you think about it, 220 million people around the world have some sort of job in construction. It's mindboggling.”