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Zurich NA expands construction capacity with $50mn for timber projects

Zurich North America has expanded insurance capacity in the construction market with up to $50mn for mass timber projects.

The initiative follows the launch of Zurich's construction weather parametric solution, a project designed to support sustainability.

Zurich NA touted the environmental benefits of timber, as it can reduce the amount of concrete and steel needed in structures.

The use of timber can also help minimize carbon emissions created during the manufacturing of construction materials.

Zurich NA said timber was stronger, more versatile and more durable than light-frame wood, which is why the carrier differentiates mass timber from light-frame wood construction in its underwriting.

Patrick McBride, Zurich NA head of construction property, said: “We designed Zurich's mass timber builders risk proposition based on input we sought from a wide range of insurance brokers.

“We listened and devised a solution to meet the demands of an increasingly popular segment of the construction market.”

The number of mass timber buildings could double every two years through to 2034, Zurich noted, adding that manufacturing capacity was also expected to grow.

“We expect to see strong momentum behind its adoption over the next several years and are aligning our offerings to ensure we can enable our clients to integrate it into their operations,” McBride explained.

“Mass timber offers the dual benefits of a sustainable and durable building material.”

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