Analysing emerging trends in marine insurance. Considering the role of terrorism risk management on marine cargo insurance
This dissertation seeks to analyse the emerging trends in marine insurance whilst taking into consideration the role of terrorism risk management on marine cargo insurance. The study adopted a mixed methods approach, with the employment of quantitative questionnaires and qualitative semi-structured interviews in order to address the aim. 50 participants took part in the quantitative questionnaire who currently work in marine cargo insurance and 3 participants took part in the semi-structured interviews who also work in the same industry. The participants of the questionnaires demonstrated that the emerging key trends were likely to be an increase in terrorist attacks on the industry, followed by the fact that marine insurance providers will be approached more for terrorist cover and there will be a higher introduction of terrorism related insurance policies in the marine cargo insurance industry. However, the data collected from the interviews demonstrated the emergence of different trends in the form of an increase in vertical placements, where marine insurance providers will have more control over the terms, agreements and conditions of the insurance policies they offer marine cargo companies, i.e. the level of risk they are willing to take on and rates. The interview results also demonstrated that participants felt that the risk of terrorist attacks on marine cargo companies were low whereas the participants from the questionnaire data argued otherwise, and felt that the risk of terrorist attacks to marine cargo companies was somewhat high. Recommendations are provided on how marine cargo insurance companies can move forward in the light of these findings and what can be done differently in the future if this study is conducted again.