GIB’s newly formalised mining and construction division

GIB has taken the strategic step of formalising its construction division, under the leadership of Tyrelle Correa, who now heads both the company’s mining and construction divisions. The division operates alongside mining but leverages a unified team to ensure construction-related risks are managed through dedicated specialist oversight.

The move brings together specialist expertise that has long existed within the business and comes at a time when construction companies are navigating a growing range of risks, from project delays and material theft to supply chain disruptions, severe weather events and geopolitical developments. These challenges add pressure to an industry already grappling with tight margins and complex delivery environments.

“Construction insurance is fundamentally different from traditional insurance because you’re often insuring something that doesn’t exist yet,” says Correa. “You’re underwriting for the future, with the understanding that risks evolve throughout the life of a project. In the early stages, theft may be the biggest concern. Later, flooding, delays, supply chain issues or changing material costs can completely alter the risk profile. It requires a specialist approach and a much wider lens.”

Correa brings nearly two decades of specialist experience, with a career spanning engineering insurance, reinsurance and large-scale infrastructure projects. During his time as a construction engineering reinsurance underwriter, he managed construction risks in virtually every African market.

His background includes nearly a decade spent handling major continental projects followed by underwriting an extensive pan-African book at one of South Africa’s largest insurers, giving him firsthand mastery of regional regulations and active policies across every African country and island market.

He currently serves as Deputy President of the Insurance Institute of Gauteng (IIG), one of the continent’s largest professional insurance bodies, where he is set to step into the role of President next year.

Construction-related risks have become increasingly difficult to predict. Rising costs of steel, fuel and labour can significantly alter project values, creating knock-on effects for contractors, lenders and insurers alike. Weather-related losses have also become more prominent, particularly as severe storms and flooding events become more frequent.

Correa notes that shifting values mid-project can easily force clients into dangerous underinsurance, or hand control back to underwriters to dictate tough new terms on a multi-year project if a specialist isn't balancing the portfolio. “Businesses are looking beyond insurance products and increasingly want partners who understand the realities of construction and can help them manage risk proactively,” says Correa.

Although GIB has long serviced construction clients, the formalisation of the division creates a dedicated specialist capability and allows for a more focused approach to supporting clients operating in the sector.

Crucially, this is not a new venture for GIB but a structural refinement designed to better protect existing portfolios. It also strengthens the company’s ability to build relationships across the construction insurance market and provide more tailored risk solutions. “Ultimately, the objective is simple: to help clients navigate uncertainty and build resilience in an operating environment that has become increasingly complex,” says Correa.

The move forms part of GIB’s broader strategy of building specialist-led divisions that combine deep technical expertise with a new generation of industry leadership, positioning the business to support South Africa’s long-term infrastructure and economic development ambitions. This model highlights GIB’s unique structural position as an agile, dynamic "unicorn" in the South African broking space.

“There is a lot to be said for an energetic, next-generation corporate leadership team with the deep technical wisdom of senior industry consultants that we already have at GIB. This to us is an edge that traditional legacy firms anchored by a single generation of brokers struggle to replicate.”

“This structural shift highlights our unique position in the South African broking landscape. We know that large-scale, multi-year infrastructure projects require both dynamic, modern execution and long-term continuity,” he concludes.