A study on marine cargo exposure due to natural hazards
The discrepancies between actual losses and insured losses in the insurance industry as a result of catastrophic events have been showing steady increase. This is despite the fact that insurance companies have adopted catastrophe models to derive more accurate estimates in catastrophe risk managemen...
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| Format: | Final Year Project |
| Language: | English |
| Published: |
2011
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| Online Access: | http://hdl.handle.net/10356/45423 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | The discrepancies between actual losses and insured losses in the insurance industry as a result of catastrophic events have been showing steady increase. This is despite the fact that insurance companies have adopted catastrophe models to derive more accurate estimates in catastrophe risk management. One of the pressing issues is that the severity of natural catastrophe today has increased significantly. Its unpredictability leads to uncertainty and inaccuracies in the models. This, together with the fact that marine containers are constantly on the move is the main reasons behind the lack of a suitable catastrophe model for the marine cargo industry. Little has been done to improve the risk analysis and management in this particular field. Accurate estimates for catastrophe risks are not able to be generated due to the lack of expertise in this area. Commercial catastrophe models today are geared towards building and property losses and its adaptation will be unsuitable for marine cargoes due to the involvement of a different basket of risks and exposure. Without the right knowledge and tools, it is undeniable that there is a huge amount of underestimated losses due to catastrophic events. |
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