Liabilities' Risk Management for Workplace Injuries
AIG's Client Risk Solutions (CRS) identifies key loss drivers for workplace injuries in Singapore under Work Injury Compensation Act Insurance.
AIG's Client Risk Solutions team conducted claims analysis and trending of workplace injuries to identify and understand the key loss drivers. This was based on 12 months worth of claims data under the Work Injury Compensation Act (WICA) cover. WICA lets employees make claims for work-related injuries or occupational diseases without having to file a civil suit under common law*.
Many organisations have problems in reducing the number of workplace injuries and the most important and easiest step to improve is by incorporating lessons from past workplace injuries. Claims data analysis by AIG's Client Risk Solutions is a valuable resource for risk improvement and the featured infographic condenses 12 months data into a high-level view of the most severe and recurring cases. The data is summarised based on ‘Types of workplace accidents’, ‘Nature of workplace injuries’, ‘Body parts injured’ and ‘Worker’s Rank’. Learning from past losses is essential to avoid recurrence and reviewing these data against current workplace Safety Management Systems can enhance duty of care to employees and reduce cost of risk.
AIG further emphasises the difference between Direct (Insured) and Indirect/Hidden Cost (Uninsured) that the employers should take into account. Most Health & Safety Experts estimate that the Indirect/Hidden cost are two to 10 times the direct costs of an accident or workplace injury. Hence, learning from these trends and improving the Safety Management System will have a direct and frequently underestimated impact on improving profitability.
Key takeaways from AIG’s analysis:
All these and more when you download the infographic today.
From over 3,500 claims analysed over a 12-month period, Finger and Hand/Palm injuries made up 36% of the overall injuries reported. More than 35% of the total claims value was incurred by 'Marine Trade Workers', 'Construction Workers' and 'Technicians'.
To learn what other key loss drivers are in the workplace, complete the form below and download this infographic.
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An employer may be legally liable to provide compensation to his workers and their dependents for personal injury/death by accident arising out of and during the course of employment. The Work Injury Compensation Act (WICA) covers the employer for such liabilities.
A proven method to manage serious accidents and promotes early return to work.
With 24-hour report line to allow early intervention of accidents.
A pro-active approach in identifying hazards in the worksite and implementing methods to manage these risks.