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Exploring Insurance Options and Innovations for Contractor Risk Management in Ghana's Construction Industry.
▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇.▇▇, ▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
Department of Construction Management and Quantity Surveying, Durban University of Technology, Durban, South Africa
Frontline Limited. ▇.▇ ▇▇▇ ▇▇ ▇▇▇, ▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ M. C. Mewomo, ▇▇▇▇▇▇▇@▇▇▇.▇▇.▇▇
Department of Construction Management and Quantity Surveying, Durban University of Technology, Durban, South Africa
▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇@▇▇▇.▇▇.▇▇, ▇▇▇▇▇▇@▇▇.▇▇.▇▇, ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇▇.▇▇
Department of Construction Management and Quantity Surveying, Durban University of Technology, Durban, South Africa
The Urban Institute. School of Energy, Geoscience, Infrastructure and Society, Heriot-Watt University, Edinburgh, Scotland, United Kingdom
Department of Building Technology, Faculty of Built and Natural Environment, Kumasi Technical University, Kumasi, Ghana
▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇.▇▇, ▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇.▇▇▇
Department of Construction Management and Quantity Surveying, Durban University of Technology, Durban, South Africa
▇.▇ ▇▇▇ ▇▇, ▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇, ▇▇▇▇▇.
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇.▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇.▇▇▇.
Department of Building Technology and Estate Management, Faculty of Applied Science and Technology DHL Technical University, Wa, Ghana
Abstract:
Purpose: This study examines various insurance options and innovations for managing contractor risk in Ghana's construction industry.
Design: A comprehensive literature review was conducted to identify the existing insurance options and innovations used in other countries for contractor risk management. Additionally, interviews were conducted with construction industry experts and insurance professionals to gather insights and perspectives on the applicability of these options in the Ghanaian context.
Value of the Study: This study contributes to the existing literature by providing an in-depth analysis of insurance options and innovations for contractor risk management, particularly within Ghana's construction industry. It highlights significant gaps in awareness and adoption of insurance products, emphasising the necessity for tailored solutions to address the sector's unique challenges. By identifying these gaps, the study offers actionable recommendations for insurers, policymakers, and contractors to enhance risk mitigation and strengthen the resilience of the construction industry.
Findings: The study found that traditional insurance options, such as contractor's all-risk insurance and performance bonds, are commonly used in Ghana's construction industry. However, contractors lack awareness and understanding of these options. Moreover, innovative insurance solutions, including parametric insurance and construction defect insurance, have the potential to effectively address specific risks faced by contractors in Ghana.
This study contributes to the existing literature by providing an in-depth analysis of insurance options and innovations for contractor risk management, specifically in Ghana's construction industry
Keywords
Construction industry, Contractor risk management, Insurance options
1. Introduction
In Ghana, insurance options for contractors are limited and need to be utilised effectively. Despite the high-risk nature of construction projects, contractors often lack comprehensive insurance coverage due to a lack of awareness, high premium costs, and inadequate product offerings from insurance companies. Contractors are understandably anxious when undertaking construction projects because of the uncertainty and risks associated with them. Insurance for a construction project will fully protect a contractor and provide peace of mind throughout the duration of the project (Appiah & ▇▇▇▇, 2020). These gaps expose contractors and other stakeholders to significant risks, potentially leading to financial losses, delays, and project abandonment. This paper aims to address these issues by exploring potential innovations in contractor insurance that could enhance the adoption and effectiveness of insurance products in the construction industry.
The construction industry in Ghana faces significant risks, including accidents, financial instability, and project delays. Despite the critical role of insurance in mitigating these risks, the adoption and diversification of insurance products in the Ghanaian construction sector remain limited (Addo et al., 2023; ▇▇▇▇▇▇ et al., 2022). Traditional insurance options dominate the market, such as performance bonds and contractor's all-risk insurance. However, awareness and utilisation of more specialised and innovative solutions, such as parametric or construction defect insurance, are minimal (Kwesi & ▇▇▇▇▇▇, 2021). Existing literature often focuses on broad insurance practices globally or the risks inherent in construction projects, with limited exploration of how tailored, innovative insurance products can address the unique challenges of Ghana's construction industry (Boateng et al., 2022; ▇▇▇▇▇ et al., 2023). This study fills a critical gap by investigating the awareness, barriers, and potential for innovative insurance solutions tailored specifically to the Ghanaian context. The findings aim to provide actionable insights for policymakers, insurers, and contractors, addressing both traditional and emerging risks in the sector. The study focuses on the following research objectives.
2. Literature Review
2.1 The Theoretical Frameworks for Insurance Options and Innovations for Contractor Risk Management
The Risk Transfer Theory in insurance emphasises transferring potential risks to an external party, typically an insurance company, in exchange for a premium. The main idea is that organisations or individuals involved in high-risk activities, such as construction, can protect themselves financially by purchasing insurance policies that absorb some or all of the financial burden in case of unforeseen events, accidents, or damages. This theory suggests that businesses can mitigate the impact of risks by spreading the financial consequences of accidents across a pool of policyholders, thereby reducing the financial burden on a single entity (Addai et al., 2021; ▇▇▇▇▇▇ & ▇▇▇▇▇, 2020).
The Risk Transfer Theory is highly pertinent to the construction industry due to the significant exposure to various risks, including accidents, property damage, and delays. Contractors and developers can utilise insurance as a mechanism to transfer risks associated with worker injuries (e.g., Workers’ Compensation Insurance), property damage (e.g., Property Insurance), and performance failures (e.g., Performance Bonds). For instance, implementing insurance policies such as liability insurance enables construction firms to transfer the financial repercussions of accidents on site, including those involving third parties (clients or the public). In large-scale construction projects, contractors frequently purchase "All Risks Insurance" to cover potential damages to the construction site, including harm to materials, equipment, and structures due to unexpected events such as fire or vandalism. By transferring these risks to the insurance company, construction firms ensure they will not encounter catastrophic financial consequences from such events, thus allowing them to proceed with the project without delays caused by significant, unforeseen costs (▇▇▇▇▇▇▇ & ▇▇▇▇▇, 2016).
2.2 The Conceptual Frameworks for Insurance Options and Innovations for Contractor Risk Management
Insurance plays a vital role in managing risks within the construction industry, which is inherently fraught with uncertainties due to project complexity, worker safety, and unpredictable environmental conditions. Contractors often encounter substantial risks related to property damage, labour disputes, and project delays. To mitigate these risks, various types of insurance, including liability, workers’ compensation, property insurance, and performance bonds, are commonly employed (▇▇▇▇▇▇▇ and ▇▇▇▇▇, 2016). Insurance serves as a financial safety net, ensuring that contractors and stakeholders are shielded from the adverse financial consequences of these risks. Risk management is essential for identifying, assessing, and controlling risks that could adversely affect construction projects. Effective risk management strategies in construction involve utilising insurance to transfer and mitigate risks, along with implementing proactive risk control measures such as safety protocols, risk assessments, and compliance with regulations (▇▇▇▇▇ & ▇▇▇▇▇, 2020; ▇▇▇▇ et al., 2021). By adopting a combination of risk control and risk transfer, construction firms can significantly reduce their exposure to financial losses. Furthermore, technological advancements such as digital risk management tools, automated claims processing, and data analytics enhance the capability to predict and manage risks more effectively, thereby improving project outcomes and diminishing reliance on reactive insurance claims (▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇, 2022; ▇▇▇▇▇ et al., 2023). Through innovations in insurance products and comprehensive risk management practices, the construction industry can become more resilient to its challenges.
2.3 Types of risks, innovations their Effect, and mitigation
Operational risks in construction refer to the risks stemming from the daily activities of a project, including issues such as delays, quality concerns, equipment failures, and workforce management. These operational risks can significantly affect project timelines, costs, and overall work quality. Delays caused by equipment breakdowns or inefficient labour management may escalate project costs and lead to contractual penalties. Poor workmanship or construction defects can also necessitate rework and incur additional expenses. Operational risks can be mitigated through careful project planning, scheduling, and resource allocation. Regular maintenance of equipment, effective project management, and clear communication with subcontractors can help minimise delays and quality issues. The adoption of lean construction techniques optimises workflow and reduces operational inefficiencies (Kangari, 2015).
The construction industry in Ghana has experienced significant growth in recent years, propelled by increased demand for housing, commercial buildings, and infrastructure development. However, it remains one of the most hazardous sectors, with a high incidence of accidents and project delays due
to unforeseen risks (▇▇▇▇▇ et al., 2020). Contractor insurance aims to mitigate these risks by transferring part of the financial burden to insurers. In Ghana, contractor insurance typically encompasses several types of coverage, including performance bonds, which ensure that contractors fulfil their contractual obligations. Workers' Compensation covers the risk of injuries to workers during construction activities. Professional Liability addresses errors or omissions made by contractors or consultants
3.Research Methodology
4. Findings and Discussion
4.1 Awareness and Usage of Contractor Insurance
Table 1 Types of Contractor Insurance options
Types of Contractor Insurance options | N | Yes (%) | No (%) | |
Do the insurance companies offer to you | any insurance | 60 | 56.7 | 43.3 |
policies within the Construction industry? | ||||
Do the insurance company review the | policies and | 60 | 41.7 | 58.3 |
requirement for each contract specifications? | ||||
Workers Compensation | 60 | 70.0 | 30.0 | |
Performance Bond | 60 | 91.7 | 8.3 | |
Healthcare Insurance | 60 | 25.0 | 75.0 | |
Transportation Insurance | 60 | 36.7 | 63.3 | |
Property Insurance | 60 | 46.7 | 53.3 | |
Professional Services | 60 | 43.3 | 56.7 | |
Business Insurance | 60 | 28.3 | 71.7 | |
60 | 51.7 | 48.3 | ||
Others (name them) | 60 | 61.7 | 38.3 |
Source: Field Data (2024)
The construction industry in Ghana encounters significant risks, including site accidents and financial challenges stemming from project delays, underscoring the vital role of insurance in risk management. While 56.7% of contractors report having access to customised insurance policies, 43.3% find these
offerings insufficient, exposing gaps in industry-specific products and the necessity for better-tailored options (▇▇▇▇▇▇▇ et al., 2015; ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇, 2020). Commonly utilised policies, such as Performance Bonds (91.7%) and Workers’ Compensation (70.0%), are widely adopted; however, the low uptake of essential options like Healthcare Insurance (25.0%) and Property Insurance (46.7%) signals concerns over costs and limited awareness (Akuffo & ▇▇▇▇▇, 2021). The underutilisation of these policies leaves contractors exposed to risks associated with material transport and site assets (Gaitanos et al., 2017). Nevertheless, the growing interest in expanded coverage among 61.7% of contractors offers an opportunity for insurers to create comprehensive, tailored solutions that address both traditional risks and emerging challenges, such as environmental and legal uncertainties (▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇, 2019).
4.2 Determinants of Contractor Insurance Option Selection in Ghana.
Table 2 Determinants of Contractor Insurance Options
Determinants N Sum Mean Std. Deviation
Contract parameters
Contract wording and working practices
The contract period (time of
60 244.00 4.0667 1.00620
completion) | ||||
Mutuality of obligation | 60 | 241.00 | 4.0167 | .96536 |
60 242.00 4.0333 1.05713
Intention of the parties to the 60 | 213.00 | 3.5500 | .98161 | |
Contractor parameters | ||||
Contractor service substitution | 60 | 225.00 | 3.7500 | 1.03539 |
Provision of equipment | 60 | 256.00 | 4.2667 | .75614 |
Financial risk | 60 | 239.00 | 3.9833 | .91117 |
Contractor in business on own 60 Contractor resources 60 | 241.00 240.00 | 4.0167 4.0000 | .74769 .86358 | |
Experience of contractor | 60 | 213.00 | 3.5500 | 1.14129 |
Relationship with the contractor | 60 | 245.00 | 4.0833 | 1.07816 |
Project parameters | ||||
Complexity of the project | 60 | 254.00 | 4.2333 | .81025 |
Project location | 60 | 230.00 | 3.8333 | .95964 |
The use of the project | 60 | 246.00 | 4.1000 | .89632 |
Size of the project | 60 | 244.00 | 4.0667 | 1.02290 |
Client parameters | ||||
The type of client | 60 | 238.00 | 3.9667 | .99092 |
Basis and timing of payments | 60 | 233.00 | 3.8833 | 1.15115 |
The political season | 60 | 227.00 | 3.7833 | .99305 |
Control &direction of client | 60 | 249.00 | 4.1500 | .93564 |
Consultant parameters | ||||
Experience of consultant | 60 | 240.00 | 4.0000 | .92057 |
Knowledge of consultant | 60 | 250.00 | 4.1667 | .82681 |
They type of consultant | 60 | 254.00 | 4.2333 | .92730 |
Third party parameters | ||||
External parties’ interest | 60 | 260.00 | 4.3333 | .83700 |
The type of third involved | 60 | 252.00 | 4.2000 | .73184 |
contract
account
The nature of the locality of the project | 60 | 235.00 | 3.9167 | .84956 |
Industry parameters | ||||
The insurance industry dynamics | 60 | 243.00 | 4.0500 | .67460 |
The construction industry dynamics | 60 | 243.00 | 4.0500 | .87188 |
The regulatory environment | 60 | 253.00 | 4.2167 | .73857 |
Legal framework parameters | ||||
The changing face of both industry | 60 | 258.00 | 4.3000 | .61891 |
To meet regulatory requirements | 60 | 260.00 | 4.3333 | .62887 |
As part of contractual obligations | 60 | 261.00 | 4.3500 | .77733 |
Insurance companies parameters | ||||
Knowledge in construction risk | 60 | 268.00 | 4.4667 | .74712 |
Extent of knowledge in construction business risk | 60 | 274.00 | 4.5667 | .67313 |
Awareness of insurance policies needs of contractors | 60 | 268.00 | 4.4667 | .67565 |
Determinant of contractor insurance option is key to the development of the | 60 | 231.00 | 3.8500 | 1.07080 |
Source: Field Data (2024)
Contract parameters, such as contract wording (mean = 4.0667) and contract period (mean = 4.0333), significantly influence contractors’ insurance decisions. Clear contract terms help define the scope of coverage needed, reducing ambiguity and ensuring both parties understand the associated risks (▇▇▇▇▇▇▇ & ▇▇▇▇▇, 2016). Long-duration projects, where delays can have severe financial impacts, particularly benefit from tailored insurance policies. Mutuality of obligation (mean = 4.0167), where both parties hold clear commitments, further highlights insurance's importance in addressing potential liabilities. Contractor-specific factors also play a key role, with equipment provision (mean = 4.2667) and financial risk (mean = 3.9833) driving the need for asset protection and robust risk mitigation. Independent contractors (mean = 4.0167) are especially vulnerable to financial risks and, thus, more likely to prioritise comprehensive insurance coverage (Akuffo & Ackah, 2021). Additionally, the contractor-client relationship (mean = 4.0833) influences insurance selection, as strong professional ties often involve greater shared risks that necessitate coverage.
Project complexity (mean = 4.2333) and location (mean = 3.9167) are critical factors in shaping insurance choices. Complex projects require tailored policies to address a variety of technical and stakeholder-related risks. Conversely, projects situated in high-risk or remote locations may need additional coverage for accidents, theft, or natural disasters (Chong et al., 2017). Client-related factors, such as project control (mean = 4.1500), also influence insurance decisions, as demanding clients or those maintaining significant project oversight often require specialised policies. Consultant experience (mean = 4.2333) and knowledge (mean = 4.1667) are similarly vital, as well-informed consultants can guide contractors towards insurance policies suited to their unique project risks (▇▇▇▇▇ & ▇▇▇▇, 2015). Broader industry dynamics, including the evolving construction landscape (mean = 4.0500) and regulatory environment (mean = 4.2167), further necessitate comprehensive insurance to tackle emerging risks and ensure compliance (▇▇▇▇▇▇▇▇ & Badu, 2012). Insurers’ understanding of construction risks (mean = 4.4667) and business dynamics (mean = 4.5667) is crucial, as contractors favour insurers who can provide customised policies aligned with the sector’s specific challenges (▇▇▇▇▇▇▇▇ et al., 2017).
4.3 Contractor Potential Insurance Innovations Options in the Ghanaian Construction Industry
Table 3 Contractor Potential Insurance Innovations
Contractor Potential Insurance | N | Mean | Std. Deviation |
Diverse insurance products | 60 | 4.2167 | .64022 |
Diverse processes in dealing with customers | 60 | 4.2500 | .60014 |
Marketing strategy adopted | 60 | 4.1667 | 1.02786 |
Access to new Service | 60 | 4.0000 | 1.10469 |
organizational structure | 60 | 3.8000 | 1.02180 |
System interaction | 60 | 3.7500 | .83615 |
Delivery strategy innovations | 60 | 4.2833 | .76117 |
Conceptual insurance innovations | 60 | 4.0167 | .74769 |
Regulatory and legal innovation | 60 | 4.2833 | .71525 |
Economic and social innovation | 60 | 4.2500 | 1.12935 |
Contractor Insurance options and innovation is key to the development of the insurance industry? | 60 | 4.6833 | .62414 |
Source: Field Data (2024)
Contractors place significant importance on diversifying insurance products, with a mean score of 4.2167, reflecting the need for tailored solutions that address construction-specific risks such as property damage, worker injuries, and project delays (▇▇▇▇▇▇▇ & ▇▇▇▇▇, 2016). Expanding offerings to encompass residential, commercial, and infrastructure projects would better meet their needs. A focus on customer interaction (mean = 4.2500) highlights the importance of a customer-centric approach, while innovations in marketing strategies (mean = 4.1667) and new services (mean = 4.0000) emphasise the necessity for products that evolve alongside contractors' demands. Innovations in delivery methods and regulatory adaptations (both mean = 4.2833) are crucial for aligning insurance with shifting legal frameworks (▇▇▇▇▇▇▇▇ & Akintoye, 2015), while economic and social innovations (mean = 4.2500) underscore the necessity for insurance solutions that account for socio-economic factors such as labour mobility and market dynamics. Innovation (mean = 4.6833) remains a key driver in developing insurance products that ensure contractors' protection and the industry's adaptability to emerging challenges (▇▇▇▇▇, 2012).
This study highlights the limited awareness and adoption of insurance options among contractors in Ghana’s construction industry. While traditional products such as Workers' Compensation and Performance Bonds are widely used, innovative solutions like property and healthcare insurance remain underutilised, reflecting a gap in specialised products tailored to construction-specific risks (Asante & Essilfie, 2019). Only 41.7% of contractors reported that insurance policies are reviewed to align with project-specific requirements, indicating insufficient collaboration between insurers and contractors, which reduces the effectiveness of insurance as a risk management tool (Mignola & Moscardo, 2020). Furthermore, the low adoption rates of transportation (36.7%) and property insurance (46.7%) raise concerns about risk preparedness, with high premiums and limited awareness of potential financial impacts being key barriers (▇▇▇▇▇ et al., 2017). Contractors are primarily motivated to secure insurance to protect workers, comply with regulations, and fulfil contractual obligations, with worker protection being the top priority (mean = 4.5667), reflecting the industry’s high-risk nature (▇▇▇▇▇▇ & ▇▇▇▇▇, 2021).
The study highlights the broader implications of underutilised insurance products on the resilience of Ghana’s construction sector. A reliance on traditional insurance creates critical gaps in addressing emerging risks, such as environmental hazards and socio-economic challenges (▇▇▇▇▇▇▇▇ et al., 2017).
Addressing these issues necessitates a multi-faceted approach: insurers must develop cost-effective, tailored products; policymakers should promote innovation through supportive regulations; and contractors ought to be educated on the advantages of comprehensive coverage to align insurance adoption with project-specific needs. This collaborative effort could enhance industry-wide risk management and ensure sustainable growth. However, the study faces limitations, including its focus on Ghana, which may impact generalisability, and the reliance on self-reported data, which introduces potential bias
An interviewee indicated that;
"Well, from what we have seen, insurance options for contractors here in Ghana are quite limited. Most contractors we know only go for basic things like workers’ compensation or public liability insurance. Specialized policies, like builder’s risk insurance, are not commonly available, and even when they are, many contractors are either unaware of them or just don’t consider them necessary. There’s definitely a gap in the market for more tailored insurance products." (Participant A, 2025)
Participant B suggested that;
"There are a few reasons why contractors don’t adopt insurance as much as they should. First, the cost of premiums is a big issue many contractors think it’s an extra expense they can’t afford. Also, there’s not a lot of understanding about the different types of insurance out there and how they can actually protect a project. On top of that, many contractors still rely on informal networks or savings to manage risks, and there’s not enough legal pressure to make insurance mandatory, especially for smaller projects." (Participant B, 2025)
The state of contractor insurance in Ghana, as highlighted in the interview, reflects a general trend where contractors primarily rely on basic insurance products such as workers’ compensation and public liability insurance. These types of insurance, while important, offer limited coverage for the complex risks involved in construction projects. According to studies on contractor insurance in developing countries, there is often a lack of awareness and understanding of more comprehensive insurance options like builder’s risk and professional indemnity insurance (▇▇▇▇▇▇ et al., 2022)
5. Conclusions and Further Research
In conclusion, this study emphasises the crucial role of insurance in mitigating risks within Ghana’s construction industry while also highlighting significant gaps in the awareness and adoption of specialised policies. Although contractors prioritise essential products such as Workers’ Compensation and Performance Bonds, the underutilisation of critical policies like Healthcare and Property Insurance leaves them vulnerable to financial losses and project disruptions. The increasing complexity of construction projects and the emergence of environmental and legal risks necessitate that insurer innovate to develop tailored and diversified products beyond basic coverage. Policymakers must promote this innovation through regulatory reforms and incentives, fostering collaboration among insurers, contractors, and regulators to address both traditional and emerging risks. Enhanced communication and education regarding the full spectrum of insurance options are essential for improving adoption rates and cultivating a culture of risk awareness. By aligning insurance solutions with the specific needs of construction projects, Ghana can strengthen its construction sector, ensuring resilience against uncertainties and promoting sustainable growth. Future research could expand the geographic scope, increase sample sizes, and incorporate mixed methods to validate and build upon these findings, thereby establishing a stronger foundation for effective insurance solutions in construction.
6. Acknowledgement
This paper is part of a larger research project, and the authors would like to acknowledge the invaluable contributions of colleagues and collaborators whose insights and expertise have significantly shaped the study. Special thanks go to the funding agencies whose generous support made this research possible. Furthermore, the authors are grateful to those who provided guidance, constructive feedback, and encouragement throughout the research process, even though their names are not listed as co- authors. Their contributions are deeply appreciated.
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