On the one-year anniversary of the Tianjin Port explosion, ranked as one the highest insured losses in history, catastrophe modeling firm RMS evaluated potential losses at other world ports to aid insurers in their “guessing game” of where disaster could next strike and to what degree.
RMS’ marine risk experts calculated the 1 in 500 year loss probability for ports in nearly 80 countries, looking at cargo type, storage location (near the water or further inland), type of storage (warehouses, containers, etc.), and how long cargo remains in port (which can vary based on automation, labor, and whether goods are imported or exported). RMS noted, for example, that although container shipping has improved the global economy, it increases catastrophic risk exposure due to larger ships.
Erin Ayers, Billions in potential marine insurance losses as RMS ranks the top 10 riskiest ports (August 16, 2016), available with subscription at Advisen Professional Front Page News.
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