Investigation Into the Effectiveness of Insunrance as Risk Management Tool in Nigerian Construction Industry by Abdulrasak, Abubakar Bolaji (16/31qs005) *a Dissertation Submitted to the Department of Quantity Surveying, Faculty of Enviromental S

Student: Abdulrasak Bolaji Abubakar (Project, 2025)
Department of Quantity Surveying
University of Ilorin, Kwara State

Abstract

ABSTRACT The study evaluates methods of managing risk in Nigerian construction industry. Data were collected from selected construction firms within Kwara state by the use of structured questionnaire on the various insurable construction risks perceived to be encountered in the Nigerian construction industry and the types of insurance policies engaged in risk transfer tool. Techniques adopted for data analysis and interpretation are statistical tools, descriptive techniques, frequency distribution, figures and percentages. This was used to analyses all question and objectives, results show that high importance is placed by the construction industry on the use of an all-risk insurance policy, Contactor’s liability and Owners liability as the most prominent methods for managing the identified risks. Finally, it was concluded, that insurance is a risk transfer tool that has the added benefits of encouraging those seeking financial protection to take steps to reduce future losses.

Keywords
Insurance Risk management insurance as risk management tool Construction Industry Construction Risk
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