The integration of environmental factors in marine insurance underwriting for the tanker industry: Its impact on risk assessment and pricing

Abstract

This thesis investigates the integration of environmental factors into marine insurance underwriting processes for the tanker industry together with an analysis of the potential impact on risk assessment and pricing. Through a comprehensive review of current literature and a methodological approach that includes qualitative analysis and case study research, it illustrates the importance of emissions and environmental regulatory framework in connection with risk assessment and insurance pricing. The overall outcome of this research shows that integration of environmental aspects enhances the accuracy of risk evaluations and helps insurers create sustainable business methods. The thesis concludes with a presentation of the findings and a discussion on the implications on insurers, the need for new risk assessment practices, relational contracts, and the advantage of a maritime industry ecosystem. The research underscores the significance of environmental considerations in the marine insurance sector and suggests pathways for embodying these factors more comprehensively in the future.