Johannesburg – GIB has made a pivotal move by officially establishing its construction division, now under the leadership of Tyrelle Correa, who manages both the mining and construction sectors of the organization.
This division enhances the mining operations, employing a unified team to adeptly handle construction-related risks with dedicated specialist oversight.
The initiative consolidates the specialized knowledge that has always existed within the company, especially as construction firms encounter an increasing range of risks, such as project delays, material theft, supply chain issues, adverse weather, and geopolitical shifts.
These challenges add further pressure to an industry already grappling with thin profit margins and complicated delivery contexts.
“Construction insurance differs fundamentally from traditional insurance, as you are insuring projects that have yet to be completed,” Correa explained.
“You are evaluating future risks, which change as the project unfolds. Initially, theft might be the main worry.
“As the project progresses, factors like flooding, delays, supply chain interruptions, or rising material costs can significantly alter the risk scenario. This demands a specialized approach and a broad perspective.”
Correa brings nearly two decades of specialized experience, including roles in engineering insurance, reinsurance, and major infrastructure projects.
In his role as a construction engineering reinsurance underwriter, he managed construction risks across nearly every market in Africa.
His background includes almost ten years of overseeing large continental projects, followed by underwriting a comprehensive pan-African portfolio at one of South Africa’s leading insurers, which provided him with extensive insight into regional regulations and policies across the African continent and its island markets.
He currently serves as the Deputy President of the Insurance Institute of Gauteng (IIG), one of Africa’s largest professional insurance organizations, and is set to become President next year.
Construction-related risks have become increasingly unpredictable.
Rising costs of steel, fuel, and labor can have dramatic impacts on project values, leading to unforeseen complications for contractors, lenders, and insurers.
Weather-related losses have also emerged as a significant concern, especially as severe storms and flooding events become more frequent.
Correa highlights that fluctuating values during a project can easily lead clients into perilous underinsurance situations or compel underwriters to enforce strict new terms on multi-year projects if a specialist isn’t overseeing the portfolio effectively.
“Companies are increasingly searching for partners who grasp the realities of construction and can help them proactively navigate risk, rather than just offering insurance products,” noted Correa.
Although GIB has historically served construction clients, the formal creation of this division allows for a more focused and specialized approach to support those within the sector.
Importantly, this is not a new venture for GIB; it is a strategic enhancement aimed at better protecting existing portfolios.
This initiative also boosts the company’s ability to build relationships in the construction insurance market and provide more tailored risk solutions.
“Ultimately, our objective is simple: to help clients navigate uncertainty and build resilience in an increasingly complex operational environment,” stated Correa.
This initiative is part of GIB’s wider strategy to establish divisions led by specialists that blend deep technical expertise with a new wave of industry leadership, positioning the firm to support South Africa’s long-term infrastructure and economic growth goals.
This model highlights GIB’s unique role as an agile and innovative “unicorn” within the South African brokerage sector.
“Our team combines vibrant, next-generation corporate leaders with the extensive technical expertise of seasoned industry advisors already at GIB,” Correa emphasized.
“This provides us with a competitive edge that traditional legacy firms, reliant on a single generation of brokers, find difficult to replicate.”
“This structural evolution underscores our remarkable position in the South African brokerage landscape.
“We acknowledge that large-scale, multi-year infrastructure projects require both dynamic execution and sustainable long-term support.”
