MORRISTOWN, NJ, Feb. 22, 2021 / PRNewswire / – After a year of seeing the impact of COVID-19 on new construction and infrastructure projects across the country, the crane industry believes the impact of the pandemic will be greatest in the short term become the challenge it faces. It is perhaps surprising, however, that the industry is seeing another risk on the horizon that it sees as an even worse security risk than COVID.
According to a recent survey by ProSight Specialty Insurance, the biggest safety risk for the crane industry is a lack of qualified talent – especially the crane operator position. Talent was also responsible for the second largest business challenge for crane companies over the next three years (along with growth / new business), just behind the pandemic.
“It is no surprise that Crane companies are still feeling the impact of COVID on their businesses and will likely do so for some time, but it is beyond their control,” said Jake Morin, executive, value creation, ProSight. “The shortage of skilled talent is a legitimate concern and the problem has obvious safety and sustainability risks for the industry as a whole. Now is the time for the industry to take action on its talent pipeline.”
ProSight’s survey of 150+ crane industry professionals at the end of 2020 found that 26% of respondents viewed COVID as the industry’s biggest challenge, but a shortage of “skilled talent” was seen as the next biggest challenge )%) in the next 1-3 years.
When asked what the most serious security risks to the industry are, 27% of respondents said the lack of talent, especially among operators, is the top concern. Equipment problems (15%) and work-related accidents (13%) rounded out the three most important safety risks, with COVID only being identified by 2% of respondents.
Joe Doerr, ProSight’s niche underwriting manager for its Crane program, has personal experience with the industry’s talent pipeline problems. As a former crane operator, Joe has made a strong commitment to improving training and safety protocols for operators and other construction professionals. But he also sees the need to balance this investment with additional recruiting efforts to attract the next generation of talented engineers to the industry.
“I’ve been ‘in the booth’ as they say and I know firsthand the importance of having well-trained and experienced operators at work. I also know that this can be difficult for companies Finding ‘next generation’ of “qualified talent,” Doerr said. “But the truth is, operating a crane requires an enormous amount of mechanical skill and understanding of numerous engineering principles. It can be an incredibly rewarding and enriching career path, and we need to come together to find ways to bring the value of the industry to college and university students and young professionals who would otherwise not pursue a career in construction. “
Click here to download the ProSight 2021 Crane Survey infographic.
For more information on the ProSight Crane program, please visit www.prosightspecialty.com/solutions/crane
METHODS: The study was carried out via an online survey among 154 potential sickness customers who did not belong to ProSight Specialty Insurance. Audiences were defined as crane rental companies, crane operators, riggers, equipment operators, or those belonging to a crane membership group using LinkedIn demographics. The survey ran from December 15 to 31, 2020.
About ProSight
ProSight Global, Inc. was founded in 2009 and is headquartered in Morristown, New Jersey. ProSight Global, Inc. is an innovative property and casualty insurance company developing unique insurance solutions that help customers improve their business and gain value from their insurance purchasing decisions. The company focuses on selected niche industries and uses differentiated underwriting and claims expertise to improve the operational performance of each customer. ProSight’s products are sold through a limited and select group of retail and wholesale distribution partners. Each ProSight Regulated Subsidiary is rated “A-” (Excellent) by AM Best. ProSight shares trade on the NYSE under the ticker symbol PROS. To learn more about ProSight, visit www.prosightspecialty.com.
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SOURCE ProSight Global, Inc.
