Marine Hull Product Risk Assessment at a Reinsurance Company

DOI

10.2991/978-2-38476-132-6_28How to use a DOI?

Keywords

insurance; marine hull; risks; ships

Abstract

Indonesia is an archipelago that stretches from Sabang to Merauke and consists of thousands of islands. To facilitate inter-island connections, the community needs means of transportation. One of them is sea transportation using ships, both passenger ships and cargo ships, which must consider safety and security. This includes insurable risks. Insurance companies can cover ship risks in two types of protection, namely marine cargo and marine hull. Marine cargo products provide protection against those to be shipped, while marine hull products provide protection for the ship itself. This study aims to identify the risks associated with receiving marine hull insurance, especially the material for making the hull and the size of the ship. These risks are part of internal operational risks. This research is a preliminary study of the application of risk management in a reinsurance company in Indonesia. The material discussed up to the creation of a risk map of the identified risks. The data used is the company’s secondary data from 2017 to 2018. The method used is a quantitative method in determining the level of risk and a qualitative method in determining risk treatment. This study identified two risks, namely the presence of wooden frame ships and the large number of medium-sized ships. Both have a medium level of risk, but the company still must mitigate these two risks, either accepting the risk or sharing the risk by reinsuring it.

Copyright

© 2023 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Fia Fridayanti Adam
PY  - 2023
DA  - 2023/10/31
TI  - Marine Hull Product Risk Assessment at a Reinsurance Company
BT  - Proceedings of the 6th International Conference on Vocational Education Applied Science and Technology (ICVEAST 2023)
PB  - Atlantis Press
SP  - 296
EP  - 306
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-38476-132-6_28
DO  - 10.2991/978-2-38476-132-6_28
ID  - Adam2023
ER  -