Swiss Re: new technologies and the engineering sector
Engineering and manufacturing firms face pressure from weak investment cycles, international competition and rapid technological change. Research from large reinsurers has looked at how new technologies could help the sector regain momentum.
Automation, connected sensors and digital design tools can raise productivity, but they also change the risk profile of engineering projects. Machinery breakdown, project delays and cyber exposure become more intertwined as plants and equipment come online.
For insurers and reinsurers, this means engineering cover must evolve alongside the technology. Better data from connected equipment can improve underwriting and loss prevention, while new forms of cover may be needed for risks that traditional construction and machinery policies were not designed to handle.