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MARINE | Wind risk In association with Envista
Climate change: Risk for blue and brown water marine insurance markets Oceangoing international and inland shipping continues to increase, both in cargo volume and dollar value, as consumption and inflation rises. Additionally, given the surge in ocean and inland trade, climate change related risks must be properly accounted for. Michael Venturella, Practice Leader-Marine Group, of Envista Forensics examines the shared risk factors that exacerbate the risk and size of these losses, discusses engagement of retaining the right experts, and technology solutions that can help to prevent many losses, reduce risk exposure and reduce the financial size of losses The Marine Insurer | June 2022
Worldwide, cyclone activity trends are increasing both in quantity and intensity. Specifically, North Atlantic cyclone intensity has visibly increased in the last two decades, with eight of the ten most active years since 1950 occurring within the last 25 years. The US Environmental Protection Agency (EPA) concludes that the increasing sea surface temperatures caused by climate change is a key factor influencing cyclone formation and behaviour and is impacting tropical cyclones. Globally, based on observations since 1980, the intensity and rate of intensification of tropical cyclones has increased similarly. (Source: news.sciencebrief.org) Inland river navigation can be difficult even without negotiating the complications of strong river currents or storm winds. Larger tows may require a half mile or more to stop in ideal conditions and have blind areas forward of the barges pushed ahead because of line-of-sight problems.
