Insurance in Managing Risks of the Construction Projects – Literature Review

Abstract This article addresses the role of insurance in risk management in construction projects, demonstrating its crucial role in ensuring project stability. Using bibliometric analysis based on data from the Scopus database, the authors examined how this area of research has evolved over the years. Visualizing keyword networks in VOSviewer allowed them to identify which topics are most closely related and how research emphases have shifted. The results demonstrate that insurance, the construction industry, and risk management form a common, strongly interconnected core of the scholarly discussion. Over time, research has shifted from theoretical considerations of the relationships between these concepts (around 2010–2014) to more practical issues, such as risk assessment, contractor liability, and occupational safety (around 2014–2016). The analysis identified four main thematic areas, confirming that insurance plays a key role in risk transfer and project stabilization. At the same time, limitations were revealed – gaps in contractor knowledge, difficulties with selecting appropriate insurance policies, and the fact that not every risk can be effectively insured. The review’s conclusions point to the need for a more integrated approach to risk management and encourage empirical research that will provide a better understanding of how insurance actually impacts loss mitigation and the industry’s adaptation to changing market realities.