The objectives of this paper are to introduce the International Code of Practice for Risk Management of Tunnel Works and to illustrate to the participants of the 13th Australian Tunnelling Conference 2008 how the insurance industry would like to see the future of tunnelling insurance._x000D_
Tunnel construction projects have suffered large losses over the years as can be shown from various loss examples and a list of major losses over the last ten to 15 years._x000D_
Since the consequences of insufficient risk control had to be borne by insurers, these losses have heightened the need for improved and adequate risk management measures so that insurance cover can also in future be provided for this hazardous industry sector._x000D_
Observations are made as regards to the prevailing trends in the tunnelling industry, which contribute to the increase in risk and have adverse consequences for the insurance industry._x000D_
To find a solution to this dilemma various options are examined with the suggestion of a Joint Code of Practice for Tunnel Works being agreed by all stakeholders, which would become essential to secure future insurance protection for such project work._x000D_
The British Tunnelling Society has, in cooperation with the Association of British Insurers, developed such a code, which the International Tunnelling Insurance Group has now adopted for global application in international markets._x000D_
The content and concept of this code is explained to establish a framework of understanding and applied risk management principles for tunnel works._x000D_
This initiative also has the support of the International Tunnelling Association and the International Association of Engineering Insurers._x000D_
The international application of this new code is demonstrated with a few examples, which also includes Australian projects._x000D_
It is the aim that this code forms in future part of the insurance coverage for tunnelling works in order to put this risk segment on a more sustainable basis._x000D_
For that reason the insurance industry is seeking the support of all stakeholders of tunnelling construction projects.