Press Release

IRMI Construction Risk Conference Draws Record Attendance

Dallas, TX, November 19, 2002—Approximately 1,240 risk managers, agents, brokers, attorneys, and underwriters who specialize in managing or insuring the risks associated with construction projects convened here November 11–14 for the 22nd IRMI Construction Risk Conference.

The IRMI Construction Risk Conference is the only national symposium devoted exclusively to insuring, bonding, and managing the risks of construction projects. The Conference involved four full-day seminars, one general session, and 20 breakout sessions that were presented by 54 nationally recognized insurance, risk management, and surety experts.

This year’s attendance was about 8 percent greater than the previous attendance record of 1,140, which was set in 1999. Contractors large and small sent their risk, insurance, and safety managers. In addition, virtually all the major providers of insurance or surety services were represented, and a substantial number of risk managers representing project owners (i.e., companies with large construction projects planned or under way) attended this year.

"If anyone doubted that the insurance marketplace for construction has become very difficult to navigate, this growth in attendance—when most industry conventions and seminars have been shrinking—certainly proves it to be the case," said Jack Gibson, IRMI president.

"In addition to substantial increases in insurance premiums and deductibles, contractors are very concerned about the unavailability of insurance coverage for mold claims and terrorism exposures," Mr. Gibson explained. "Similarly, insurers are up in arms over the rising costs of construction defect claims. Most of the market players with whom I visited at the Conference feel that the insurance market will remain tight through 2003."

"2003 will be an interesting year," Mr. Gibson said.

The 23rd IRMI Construction Risk Conference will be held November 17–20, 2003, in Chicago. For information concerning the 23rd IRMI Conference, visit IRMI, at 12222 Merit Drive, Suite 1600, Dallas, TX, 75251 (phone 800–827–4242, in Dallas, 972–960–7693, or fax 972–371–5120).

International Risk Management Institute, Inc. is a Dallas-based research and publishing firm specializing in insurance, surety, and risk management. The company has done extensive research on the subject of construction insurance, surety, and risk management. IRMI's reference services provide practical information to help insurance buyers, risk managers, agents, brokers, and underwriters arrange comprehensive and cost-effective insurance, bonding, and risk management programs. Visit IRMI or call 800-827-4242 for more information about IRMI products or the annual IRMI Construction Risk Conference.