A study on marine cargo exposures due to natural hazards

• Main Author: Ong, Soo Pei.
• Other Authors: Tiong Lee Kong, Robert
• Format: Final Year Project
• Language: English
• Published: 2011
• Subjects: DRNTU::Engineering::Maritime studies::Maritime management and business
• Online Access: http://hdl.handle.net/10356/45424
• Institution: Nanyang Technological University

Risk analysis and management is a key aspect of marine cargo insurance. Much research has been devoted to this area in order to derive the most accurate estimate for the portfolios of risk associated with marine cargo insurance policies. Yet, within this field of risk analysis and management, there remains one sub-part that has been relatively untouched by researchers around the world: catastrophe risk management. Because of the lack of expertise in this area, for decades, marine cargo insurers have not been able to generate any accurate estimates for catastrophe risks. Furthermore, the catastrophe models that cargo insurers have been using are not specifically developed for marine cargo. Without the knowledge and the right tools, it is hardly surprising that within the marine cargo insurance industry, there exists a high reported amount of underestimated losses due to catastrophe risks.