New Marsh report: The Black Swan – The Unexpected in Ports and Terminals

Insurance and Reinsurance, Marine Insurance, Ports & Terminals, Reports — By on July 13, 2016 at 10:44 AM

MARSH LOGO 13 JULY 2016Viewers can find Marsh’s latest briefing, “The Black Swan: The Unexpected in Ports and Terminals”, which examines the risk management and insurance implications of low-probability, high-impact events on ports and terminals.

In this briefing MARSH looks at:

  • While black swan events are risks that cannot be precisely identified, improved horizon scanning and assumption testing are critical, enabling organisations to be better prepared for these events.
  • Large-scale threats facing ports and terminals include the loss of use of critical infrastructure within the port environment, cyber-attacks, and the rapidly changing political risk landscape.
  • Where possible, a multi-stakeholder approach is recommended in order to understand the joint risk landscape, causes of risks, and shared accountability for controls. Business continuity and crisis plans should be exercised at strategic and tactical levels to ensure resilience and agility to respond.
  •  Enhanced insurance solutions to deal with potential black swans for ports and terminals should include regular reviews on policy wordings and rapid settlement of claims, to reduce the impact on operations.
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