University of Piraeus Researchers Publish New Study Findings on Risk Management (An Empirical Analysis for the Determination of Risk Factors of Work-Related Accidents in the Maritime Transportation Sector): Insurance – Risk Management


A new study on risk management is now available. According to news reporting out of Piraeus, Greece, by NewsRx editors, research stated, “The main objective of this study is to highlight the internal risk factors associated with maritime transportation accidents and the important role of presenting them in the dataset at the time of the incident.”

Our news editors obtained a quote from the research from University of Piraeus: “Since the study period involves a pre- and post-pandemic timeline, we refer to COVID-19, although it is not part of our analysis. The issue at hand is the appropriate statistical analysis and investigation of the possible correlations between the cause of the incident and internal factors/indicators that may affect the safety of crews on sea routes. We developed a comprehensive study based on advanced econometric modeling, utilizing multifactorial models of robust regression, structural equation modeling (SEM), and Gaussian/mixed-Markov graphical models (GGMs, MGMs) and applying them to a newly compiled dataset covering the 2014-2022 period. Our results bring to the fore important factors that can determine the causes of various accidents and injuries suffered by workers, ranging from work location to work activity and even the rank of the seafarers on board. We do not consider the external factors associated with a maritime transportation accident, as the risk of an accident in this sector due to external factors (i.e., weather conditions, defaults, failures, etc.) is limited. Reducing the number of injuries to seafarers will result not only in better seafarer health but also a reduction in the operating costs of shipping companies due to the reduced insurance premiums they will have to pay.”

According to the news editors, the research concluded: “It will also lead to a reduction in the amounts disbursed by Protection and Indemnity (P&I) Clubs to compensate seafarers. In future research, we will use external factors to determine seafaring risks related to, for example, weather conditions, the quality of ships, technology, safety measures, regulations, and more.”