Imriyas, K; Low, S P; Teo, A L and Chan, S L (2008) Premium-rating model for workers' compensation insurance in construction. Journal of Construction Engineering and Management, 134(8), pp. 601-617. ISSN 0733-9364
Abstract
Providing adequate workers' compensation insurance (WCI) is mandatory by legislation in most countries for employers to hire workers. It is enforced to safeguard the interests of occupational injury victims while eliminating their employers' financial burden of compensation. WCI's significance in construction is immeasurable because the construction industry appears to be recording higher injury and fatality rates globally. On the other hand, insurance companies must be meticulous in deciding premiums for WCIs for construction projects. Traditionally, insurers have been adopting the experience modification rating technique for premium-rating of WCI. However, this technique has been proven ineffective for construction applications due to the unique characteristics of construction projects. Hence, a new premium-rating model for construction was developed and tested in the Singapore general insurance industry. The proposed model streamlines structured analyses of project hazards, contractors' safety management systems, market conditions, and insurers' internal factors to decide optimal premiums. Moreover, it infuses the partnering notion in WCI for construction. The implementation of the proposed model in the insurance industry would facilitate accident control in the construction industry and thereby loss minimization for insurers.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | construction site accidents; insurance; models; safety |
| Index terms: | market condition, legislation, minimization, injury, construction project, construction site accident, Singapore, partnering, construction industry, implementation, compensation, safety management system, insurance |
| Subjects: | contractual arrangements, legal systems, economic analysis, economic and policy analysis, dispute resolution, industry analysis, partnership management, health conditions and diseases, health safety and environment, Geography, production management, health risk and incident analysis, algorithms |
| Topics: | Research Practice, Geographical Context, Project Management, Health and Safety, Business Strategy, Procurement, Stakeholder Management, Digital Applications, Legal Issues |
| Descriptive scope: | 3 PCT |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here