Browse > Article
http://dx.doi.org/10.5345/JKIBC.2016.16.4.349

Risk Analysis using Construction Insurance Claim Payouts  

Yu, Yeong-Jin (School of Architectural Engineering, University of Ulsan)
Son, Kiyoung (School of Architectural Engineering, University of Ulsan)
Kim, Ji-Myong (Construction Science Department, Texas A&M University)
Publication Information
Journal of the Korea Institute of Building Construction / v.16, no.4, 2016 , pp. 349-357 More about this Journal
Abstract
Recently, the quantity of risk in construction project has been inflated due to the fact that current construction projects have been large and complicated. Therefore, a study on the risk management methods is necessary that can predict and respond to the need in complicated modern construction projects. In this study, the objective is to analyze the cause of accident in actual construction sites and develop a risk assessment model based on insurance claims records. To reach the goal of this study, first, the frequency and severity of accidents are analyzed the causes of accidents based on the classification; progress rate, season, and total construction costs. Second, a risk assessment model is developed by utilizing a multiple regression analysis. The dependent variable is loss ratio of material damage and three categories; natural hazards, geographic information, and construction method & ability, are used as the independent variables. The model's adjusted R-square is 0.455. The contributions of this study will be used as a material for a quantitative risk analysis model development and review of the construction risk factors for future study.
Keywords
building construction; damage cause analysis; material damage; regression analysis; construction insurance;
Citations & Related Records
Times Cited By KSCI : 3  (Citation Analysis)
연도 인용수 순위
1 Hong SW, Kim HI, Ahn YS. A Study on Development and Real Situation Analysis for the Risk Management of Domestic Construction Companies. Journal of architectural institute of Korea. 2003 May;19(5):153-60
2 Emmett JV, Therese MV. Essential of Insurance : A Risk Management Perspective. NewYork: John Wiley & Sons inc.; 1995, 656 p.
3 Park JW. Understanding of Construction Insurance. Seoul: Yeonamsa; c1997. Chapter 1, Basic insurance; 1997. p. 8-9
4 Park BC, Park CS, Hwang MH, Son CB. An Improved Scheme of the Domestic Construction Insurance Regulations. Journal of Architectural Institute of Korea. 1999 Jun;15(6):149-58
5 Song DH, Choi IS. Study on The Activation of Construction Insurance Regulation. Journal of Architectural Institute of Korea. 2001 Dec;17(12):179-89
6 Lee HY, Kim YT, Koo KJ, Hyun CT. An application of contractor's risk to the premium rate of CAR. Journal of Construction Engineering and Project Management. 2003 Mar;4(1):122-30
7 Park KH. A Study on the Problem and Improvement of Construction insurance Regulations [Dissertation]. [Seoul (Korea)]: Chung-ang university; 2005. 120 p.
8 Kim YS. Resonable Construciton Insurance Premium Rate based on the Construciton Risks [Dissertation]. [Seoul (Korea)]: Myongji university. 2008. 111 p.
9 Jeon SW. Construction and Property insurance. Daejeon: 2008 year Hanwha E&C Technology megazine(korea); 2008 Dec. 4 p.
10 Kim KS. A Study of the Risk Reflection on the Expansion of Construction Insurance [Dissertation]. [Seoul (Korea)]: Hanyang university. 2009. 91 p.
11 Lee ES. Improvement Ways of Construction Insurance Scheme for Public Construction Projects in Korea, Seoul: The Journal of Construction Economy Research Institute of Korea(Korea); 2014 Feb. 3 p.
12 Kim MS. An Analysis on Expanding Construction Insurance and Estimating Necessary Budget. Journal of Construction Engineering and Project Management. 2014 Sep;15(5):94-102
13 Lee HS, Kim HS, Park MS, Lee KP, Lee SB. Construction Risk Assessment Methodology Using Site Risk Influence Factors. Korean journal of construction engineering and management. 2009 Nov;10(6):117-26
14 Munich RE. NATHAN world map of natural hazards. Munchen(Germany): Munchener Ruckversicherungs-Gesellschaft; 2011, 7p.
15 Nornadiah MR. Test of normality : a power comparison of Kolmogorov-Smirnov, Anderson-Darling, Shapiro-Wilk and Lilliefors tests [Master's thesis]. [Selangor (Malaysia)]: MARA University of Technology. 2009. 24 p.