A Survey on Insurance in the Construction Industry

Abstract

Compared to many other industries, the construction sector is more complicated and rifer with risk. It's critical to comprehend the risks involved in the building industry in order to manage them. Insurance is a wise risk management tactic for the construction industry. By conducting an inquiry between the construction and insurance industries, the project's goal is to establish an efficient insurance policy for contractors to reduce the cost of damage in the construction business. To find out more about construction contractors' views on risk transfer through insurance and their awareness of it, a questionnaire was used to poll them. Applying the Pareto 80/20 analysis after doing a Likert's Scale analysis of the data that was gathered. The criteria for selecting insurance policies for projects that can transfer risk to the construction industries are also identified in the research