Document Type : Original Research Paper

Authors

• Mohsen gharahkhani ¹
• marjan gharahkhani ²
• Feryal Farakesh ³
• somayeh sadeghi ⁴
• fatemeh Atatalab ⁵

¹ Department of Accounting, Faculty of Finance and Accounting, Iranian eUniversity, Tehran, Iran

² Department of Industrial Engineering, Faculty of Industrial and Systems Engineering, Tarbiat Modares University, Tehran, Iran

³ Department of Management, Faculty of Management, Science and Technology, Amirkabir University of Technology (Tehran Polytechnic), Tehran, Iran

⁴ Department of Industrial Engineering, Faculty of Industrial Engineering and Management Systems, Amirkabir University of Technology (Tehran Polytechnic), Tehran, Iran

⁵ Department of Research and Educational Affairs, Insurance Research Center, Tehran, Iran

Abstract

Background and Objectives: Marine insurance is one of the most important branches of insurance playing a crucial role in managing the risks associated with maritime operations. This type of insurance includes hull insurance, liability insurance, marine cargo insurance, and offshore energy insurance, each covering different aspects of maritime risks. Since maritime activities are constantly exposed to hazards such as adverse weather conditions, marine accidents, cargo damage, and other factors, the precise evaluation of risk profiles related to these types of insurance becomes highly significant. Such assessments not only improve safety and reduce potential losses but also enable insurance companies to make more accurate and informed decisions in risk management, thereby designing more effective strategies to address these risks. In response to this need, the present study aims to identify, analyze, and prioritize risk indicators in marine insurance and provide a systematic and scientific framework for better risk management.
Method: In the first stage, key risk indicators were identified through a systematic review of the literature. This stage involved examining scientific articles, industry reports, and credible sources to extract indicators that directly or indirectly affect the risk profile. In the next step, the Decision-Making Trial and Evaluation Laboratory (DEMATEL) method was employed to analyze the relationships among the indicators. This method is one of the advanced techniques for analyzing causal relationships among factors, enabling the identification of influencing and influenced indicators. Following this, the Analytic Network Process (ANP) was used to determine the weight and importance of each indicator. This method, utilizing the insights of experts and specialists in the insurance and maritime industries, provided an accurate prioritization of the indicators and determined their impact on the risk profile.
Findings: The results of this study revealed that indicators such as vessel technical specifications, cargo type and packaging, weather conditions, and human resource management are among the key factors influencing the risk profile of marine insurance. Analyses using the DEMATEL method showed that factors related to operational management and human resources have the greatest causal impact on other indicators. These factors were identified as key indicators within the risk structure, emphasizing the importance of focusing on them when developing management strategies. Moreover, the analyses indicated that indicators related to the technical features of the vessel and cargo, such as the vessel's age, cargo type, and packaging methods, play a significant role in increasing or decreasing risks.
Conclusion: The hybrid ANP-DEMATEL approach utilized in this study provides a comprehensive and practical framework for evaluating and managing the risk profiles of marine insurance. This framework not only offers an appropriate tool for risk analysis but also helps insurance companies design more effective risk management strategies. Applying this approach can lead to reduced potential losses and optimized risk management processes in the insurance industry. Furthermore, the results of this study can serve as a foundation for future research on developing innovative risk management tools and enhancing the capabilities of marine insurance. The study also demonstrates that adopting a systematic and scientific approach to risk management can improve decision-making and enhance the reliability of insurance processes.

Keywords

• ANP
• DEMATEL
• Hull and Machinery
• Marine Cargo
• Marine risk profile
• Offshore

Main Subjects

• Risk assessment in insurance