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The Impact of Increasing Tall Tower Construction in the UK MARSH REPORT FEBRUARY 2019

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MARSH REPORT FEBRUARY 2019 Sky-high Risk: The Impact of Increasing Tall Tower Construction in the UK MARSH REPORT FEBRUARY 2019 Sky-high Risk: The Impact of Increasing Tall Tower Construction in the UK CONTENTS 1 Executive Summary 4 On the Rise 6 Heightened Risk Mitigation 11 Mitigating and Transferring Tall Building Risks 11 Political Impact on Future Projects 12 Conclusion 12 References 13 About Marsh 13 About this Report Executive Summary Skylines in the UK, particularly in London, have been undergoing a rapid evolution in recent years. Today, more tall buildings are being planned and constructed Greater focus than ever before, with 438 towers – defined as those with needs to be more than 20 floors – proposed, in planning, approved, or under construction in London, according to the 2018 placed on survey by New London Architecture1. mitigating the As the number of tall buildings under construction in the UK increases, greater focus associated risks, needs to be placed on mitigating the associated risks, which can lead to project delays which can lead and significant reinstatement costs. to project delays While the forthcoming Brexit changes and uncertainty around building regulations could impact planned projects moving forward, we expect to see this trend continue and significant over the long-term. reinstatement This paper has been designed to highlight and bring greater awareness to the various costs. risks and insurance challenges associated with tall tower construction in the UK. Marsh • 1 London’s Tallest Buildings, Completed and Planned The graphic below (FIGURE 1) shows a selection of the tallest completed, under construction, and proposed buildings in London. Out of these buildings, 13 are proposed or under construction demonstrating how London’s skyline is set to be transformed over the next decade and the growing trend towards tall tower construction. The height of London’s skyline remained largely unchanged during the 1980s and 1990s, with only Tower 42, One Canada Square, and the Panoramic being completed at a height of more than 20 floors. In contrast, since 2000, 110 buildings with more than 20 floors have been built in London, with a further 52 under construction and due for completion over the next three years. The Shard is currently London’s tallest building standing at around 306 metres, followed by One Canada Square and 110 Bishopsgate. 22 Bishopsgate, which is currently under construction, will surpass all but the Shard when completed. FIGURE London’s Tallest Buildings, Completed and Planned 1 SOURCE: SKYSCRAPER CENTER, marsh.com/insights. COMPLETED UNDER CONSTRUCTION PROPOSED COMPLETED UNDER CONSTRUCTION PROPOSED 306M 306M 294.6M 290M 300M 300M 278M 278M 239M 240.5M 239M 240.5M 230M 236M 230M 236M 250M 250M 221M 224M 221M 224M 214.5M 219.8M 214.5M 204.9M 204.9M 198.6M 199.5M 199.9M198.6M 201M199.5M 199.9M 201M 190M 192M 192.1M190M 192M 192.1M 200M 200M OWER 1 OWER 1 T 150M 150M T METRES (M) METRES (M) TE TE TE TE ALL ALL A A A A OWER OWER Y PLAZA Y PLAZA W W T 100M 100M T A A Y WHARF NQ1 Y WHARF NQ1 R R .1 UNDERSHAFT 50M 50M .1 UNDERSHAFT O O 225 MARSH WOOD WHARF E3/E4 CANA 110 BISHOPG ONE CANADA SQUARE CITY PRIDE 8 CANADA SQUARE WOOD WHARF A1 SOUTH QU THE LEADENHALL BUILDING HERTSMERE HOUSE ONE LANSDOWNE ROAD ONE NINE ELMS 25 CANADA SQUARE NEWFOUNDLAND 22 BISHOPSG N THE SHARD SOUTH QU WOOD WHARF E3/E4 225 MARSH ONE LANSDOWNE ROAD 8 CANADA SQUARE ONE NINE ELMS 25 CANADA SQUARE WOOD WHARF A1 ONE CANADA SQUARE N THE SHARD CANA THE LEADENHALL BUILDING 110 BISHOPG CITY PRIDE HERTSMERE HOUSE 22 BISHOPSG 2 • Sky-high Risk: The Impact of Increasing Tall Tower Construction in the UK FIGURE 1 London’s Tallest Buildings, Completed Buildings, and Planned Tallest London’s SOURCE: SKYSCRAPER CENTER, marsh.com/insights . 221M CANARY WHARF NQ1 224M THE LEADENHALL to change the has building until been completed and does not include proposed buildings without confirmed height estimates. * Note: Listed data forproposed orunder construction buildings isbased on information currently available. This datais subject riserevolution.* high- its plans UK the as risks associated the mitigate to need the on focus greater puts new construction opportunities However, regulations. than ever higher to build available height building and landmarks, of protection landscape, historic London’s to due largely Kong, Hong and Dubai, York, New like cities global behind lags still skyline London’s BUILDING 221M CANARY WHARF NQ1 230M 110 BISHOPGATE 224M THE LEADENHALL 236M BUILDINGONE CANADA SQUARE 239M 230M CITY PRIDE TOWER 110 BISHOPGATE 236M 240.5M ONE CANADA SQUARE HERTSMERE HOUSE 239M CITY PRIDE TOWER 278M 22 BISHOPSGATE 294.6M 240.5M HERTSMERENO.1 UNDERSHAFT HOUSE 306M 278M 22THE BISHOPSG SHARD ATE 290M NO.1 UNDERSHAFT 306M THE SHARD Marsh • 3 “London is in On the Rise the middle of a population boom As the population of London continues to grow, the capital has been gripped by a construction frenzy which that shows no has seen a greater number of taller buildings being sign of slowing planned and constructed. down and it’s important we FIGURE Number of Towers Completed in London 2 2008-2018 look at a range SOURCE: SKYSCRAPER CENTER, marsh.com/insights. of options to achieve both 33 the housing and workspace need.” 24 EDWARD LISTER 18 FORMER LONDON DEPUTY MAYOR OF PLANNING. Number Completed 11 9 7 4 3 3 1 1 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 This trend is predicted to continue over the next decade. This year’s pipeline has seen an increase of 260 tall buildings compared to 2014, bringing the current number of those proposed, approved, and under construction to 510, according to New London Architecture (NLA)2 (see FIGURE 3). The NLA analysis also suggests that living in tall buildings is becoming increasingly accepted as a key part of our housing mix. Over 90% (458) of the tall buildings coming forward are residential and have the potential to deliver 106,000 new homes. Meanwhile, Mayor of London Sadiq Khan claimed, “our housing crisis is the biggest threat to London’s future,” in the London Housing Strategy 20183, which sets out to remove some of the existing constraints on resolving this issue2. 4 • Sky-high Risk: The Impact of Increasing Tall Tower Construction in the UK It is not just FIGURE Comparison of London Tall Buildings Pipeline 3 2016-2018 the number of SOURCE: NEW LONDON ARCHITECTURE, marsh.com/insights. these projects 500 that needs to be taken into 400 consideration, but also the fact 300 that the height 200 of the individual buildings seems 100 to be rising. 0 2014 2015 2016 Proposed (pre- and post-formal submission) Refused (since last review) Approved Under construction Completed Status unknown A number of tall building projects are also For example, out of the top five tallest underway in other metropolitan areas towers in London, two were built in the across the UK. For example, according past five years. Four of the future top to Skyscraper Center4, 32 buildings with five buildings are planned or under more than 20 floors have been proposed construction, showing a continuation or are under construction in Manchester, of this trend. while seven new towers are planned in Birmingham. While the new builds provide space for residents and offices, constructing The risks are two-fold for property upwards is not without considerable developers. It is not just the number of risk. Building a tall tower is complicated, these projects that needs to be taken into heightens many traditional construction consideration, but also the fact that the risks, and presents risks unique to these height of the individual buildings seems projects. Property developers need to be to be rising. aware of these risks linked with tall tower construction and take steps to mitigate losses that could occur. Marsh • 5 Heightened Risk Mitigation The increasing number of tall towers has given rise to certain perils before, during, and after construction. There are several risk and insurance challenges that developers and contractors need to consider and potentially transfer via insurance to remove unnecessary risk from the balance sheet. Post-construction, tall towers have proved to be targets for Fire and/or Escape of Water attacks in the past, such as the World Trade Center buildings The possibility of fire and/or the escape of water represents on 11 September 2001. significant risk to a project’s practical completion date. Either one of these events has the potential to cause severe damage The safety of workers is also of paramount importance. to the works and significant delays. This risk is multiplied in Contractors will likely have a large number of workers on site at a tall tower, due to the high concentration of value in a single any one time and need to think carefully about adequate safety structure. measures and what to do in response to terrorist threats. • Escape of water: Especially during the installation and testing phase of bathrooms, washrooms, and sprinkler systems, this can cause substantial claims if leaks go undetected, as water damage can impact several floors of the building and has the potential to damage equipment, such as generators and cables located in basements. The Construction Insurance Risk Engineers Group (CIREG), in conjunction with the UK Construction All Risks Underwriters Group, has produced a best practice guide that can provide valuable insight for avoiding water damage claims. • Fire: The Joint Code of Practice (JCOP) needs to be adopted and complied with for tall building construction. JCOP was first published in 1992 in response to two significant fires that resulted in a combined loss in excess of GBP150 million – a level where insurers were questioning whether the provision of insurance for construction sites could continue economically.
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