Please use this identifier to cite or link to this item: https://doi.org/10.1080/01446190601110116
Title: A framework for computing workers' compensation insurance premiums in construction
Authors: Imriyas, K.
Pheng, L.S. 
Teo, E.A.-L.
Keywords: Injury
Insurance
Operatives
Safety
Issue Date: 2007
Source: Imriyas, K.,Pheng, L.S.,Teo, E.A.-L. (2007). A framework for computing workers' compensation insurance premiums in construction. Construction Management and Economics 25 (6) : 563-584. ScholarBank@NUS Repository. https://doi.org/10.1080/01446190601110116
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.
Source Title: Construction Management and Economics
URI: http://scholarbank.nus.edu.sg/handle/10635/45542
ISSN: 01446193
DOI: 10.1080/01446190601110116
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