After the 2008 economic crash, Matthew Jacquel (pictured) found himself at a crossroads. What began as a career in construction safety management unexpectedly transformed into a 16-year journey in insurance consulting. Today, as vice president of construction risk management at Marsh McLennan Agency, Jacquel draws on his unique background to help clients navigate the complex world of risk, regulation, and workforce challenges in the building industry.
Jacquel’s entry into insurance was unplanned. “I was a safety manager in the construction field back in the early 2000s,” he recalled. “Then around 2007, 2008, when the economic crash happened, the construction industry, especially where I was working, just dried up. When we finished our projects, there was nowhere to go.” Facing limited options, Jacquel applied for a role with a construction-specific insurance carrier. “It wasn’t like I had this plan to be in the insurance industry. I understood the basics, but it wasn’t something I was lobbying for. I thought I’d be in it for a year or two and then go back to construction. That was 16 years ago. Clearly, I was incredibly wrong on that assessment. No regrets. I enjoy it. It’s been good.”
Though his grandfather owned an insurance agency, Jacquel’s move from fieldwork to consulting brought new challenges. “Moving into the office role really didn’t matter to me. The attraction was I could work from home, which was rare in 2009. But I travelled a lot, visiting clients and job sites, helping them out as best I could. The hardest transition was realizing that, unlike in construction, I couldn’t force clients to follow my recommendations. I had to accept that I was still doing my job, even if I wasn’t getting the progress I hoped for.”
Jacquel’s approach to risk management is grounded in real-world experience. “I travel quite a bit,” he said. “Clients reach out when they’re struggling with something, industrial hygiene, program reviews, you name it. I try not to just bark regulations or best practices at them. I ask questions, highlight issues, and focus on what’s practical and provable. Most companies aren’t negligent; they’re just busy. If I see trends or claims, I refocus efforts with the right people to get those items addressed. The goal isn’t zero injuries, though that’s ideal, but improvement. If a company goes from 50 injuries to 25, that’s a 50% reduction.”
When not on the road, Jacquel reviews programs, conducts research, and keeps clients informed about recalls or regulatory changes. “If I’m out in the field, I’m looking at the practicality of what they’re doing. It’s about making sure safety isn’t just a policy, it’s a practice,” he said.
Regulatory complexity is a constant in Jacquel’s work. “In New York, for example, there’s a specific law, such as Labor Law 241. California OSHA and Washington OSHA have some differences, such as in Permissible Exposure Limits or even in fall protection requirements,” he explained. “However, most states generally follow federal OSHA regulations. I’m also mindful of insurance litigation and laws, which vary state to state. Just because you follow the law doesn’t mean you’re exempt from liability if someone gets hurt.”
The risk landscape is shifting, especially in areas like commercial auto insurance. “Commercial auto insurance in the US is a real issue,” Jacquel said. “The carrier industry has had a combined loss ratio of 100% on commercial auto for 12 of the last 13 years. Litigation and nuclear verdicts, those exceeding $10 million, are driving rates up. I don’t know anyone in the industry who thinks commercial auto rates will go down anytime soon.”
For construction companies, risk drivers include not conducting motor vehicle record checks, failing to address bad behaviours, and lagging in telematics and data management. “Some companies can hire someone to manage that data,” he said. “Others need coaching. We help them identify and address underperforming drivers and other risks.”
One of the most pressing issues is the industry’s labor shortage. “It’s always hard to get people, but this has been particularly painful. Older workers are being asked to stay on longer, which increases risk, injuries take longer to heal. Meanwhile, schedules slip, and with fewer people, safety and quality can suffer. Reports from the Associated General Contractors and Associated Builders and Contractors put the current shortage at over 440,000 workers.”
Still, Jacquel is optimistic about the future. “It sounds like the latest generation is looking at the trades as a great place to go. Twenty years ago, everyone was told to go to college, and the trades suffered. Now, I’m hopeful that’s changing.”
While supply chain disruptions and rising material costs - exacerbated by COVID-19 - have eased, they remain a concern. “During COVID, it was monumental, people waited months for appliances. Builders did whatever they could to finish homes. It’s less of an issue now, but always a concern.”
Sustainability’s impact varies across the country. “In places like California or New York, where natural gas bans are being pushed, costs have gone up. But the US is big, and not every state is pushing sustainability. Most companies are trying to be a little more sustainable, but the main impacts are where regulations are strongest.”
Natural disasters, Jacquel says, generally affect personal lines more than commercial construction. “We’re building major concrete and steel structures, not homes in floodplains. Preparation for hurricanes impacts my clients, but the real rate increases are on the personal side.”
For Jacquel, the biggest challenge is closing the gap between requirements and real-world practice. “Getting clients to understand and actually do what’s required. There’s no malicious intent, but compliance is still a struggle. Even some OSHA regulations aren’t consistently followed. Some areas and cultures do better than others.”
He points to a persistent mindset: “People think, ‘It’ll happen to someone else,’ or they minimize the risks. In 2023, there were 5,283 workplace fatalities in the US, 1,575 in construction. That’s 20%. For a nation our size, some say that’s low. To me, anyone dying at work is not good. We need more accountability, not just from organizations but from employers themselves.”
Change, Jacquel believes, is inevitable. “OSHA is proposing a national heat illness regulation, which seven states already have. I’d also hope for tort and litigation reform in commercial fleet. Nuclear verdicts are a real issue. Some are deserved, some aren’t. We need change, but it’s slow.”
Outside work, Jacquel’s interests are wide-ranging. “I used to surf, but now my boards just hang in the garage,” he said. “The gym is my happy place. I love podcasts, Dark History, Something You Should Know. I enjoy football, outdoor activities with my wife and dog, and golf, though a recent shoulder surgery has kept me off the course. I love nonfiction and history, especially the Second World War. My grandfather fought in the Battle of the Bulge, and visiting those sites was one of the best trips of my life.”
He also gives back to the industry, contributing to the Professional Safety Journal and recording a podcast for the American Society of Safety Professionals. “I try to keep everything practical and grounded in real experience.”
For Jacquel, construction and risk management are more than jobs - they’re a lifelong calling. “My father owned a construction company. At dinner, we’d talk business, supply chains, pain points. I graduated from Massachusetts Maritime Academy, worked in engineering and environmental safety, and eventually found my way to insurance. It’s all been about helping people work safer and smarter.”
As the industry faces new challenges - from workforce shortages to regulatory changes and evolving risks - Jacquel’s blend of field experience and risk expertise offers a model for bridging the gap between construction and insurance, ensuring that safety isn’t just a policy, but a practice that protects lives and livelihoods.
