Imriyas, K; Pheng, L S and Teo, E A L (2007) A framework for computing workers' compensation insurance premiums in construction. Construction Management and Economics, 25(6), pp. 563-584. ISSN 1466433X
Abstract
Singapore's general insurers have been recording detrimental loss ratios in workers' compensation insurance business for construction projects. This is due to the ineffectiveness in the risk assessment for premium-rating and the failure of contractors to provide adequate safety measures with an increased reliance on the workers' compensation insurance. Based on the findings of an extensive literature review and an interview questionnaire survey in the general insurance industry of Singapore, a new premium-rating framework is proposed. The proposed new premium-rating framework facilitates structured assessments of risks in construction projects and market conditions to derive optimal premiums. It also establishes an effective risk control strategy via a well-structured incentive system for contractors and clients. The implementation of the framework in the general insurance industry can facilitate accident control in the construction industry and thereby minimize insurers' financial risks.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | injury; insurance; operatives; safety |
| Index terms: | construction project, computing, questionnaire, market condition, strategy, literature review, survey, interview, injury, implementation, construction industry, compensation, operative, insurance, risk assessment, Singapore, safety measures |
| Subjects: | economic analysis, contractual arrangements, data analysis and analytics, data collection methods, practitioner, computing systems, dispute resolution, economic and policy analysis, health conditions and diseases, industry analysis, management, financial risk, production management, health safety and environment, Geography |
| Topics: | Geographical Context, Project Management, Research Practice, Health and Safety, Business Strategy, Cost Management, Procurement, Roles and Professions, Digital Applications, Legal Issues |
| Descriptive scope: | 5 PCTEA |
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