Ningbo Marine Ship Risk Assessment and Insurance Product Design Research

Abstract

This study focuses on improving the risk assessment and insurance product design for marine vessels in Ningbo to meet complex shipping insurance needs and enhance market competitiveness. It analyzes the scale, product structure, operations, and risks of Ningbo's ship insurance market, identifying challenges such as product homogeneity, lack of innovation, and outdated risk management technologies. Using literature review, empirical analysis, and case comparison, the study provides theoretical and practical support for innovative product design. A multi-dimensional risk assessment system was established, incorporating Ningbo's marine environment characteristics like climate, ship types, and route complexity. Linear and generalized linear models identified key factors affecting ship insurance claims, leading to the proposal of a dynamic pricing strategy to adjust rates in real-time based on risk environment changes. The study advocates for differentiated and adaptable insurance products offering comprehensive protection. It highlights the integration of risk prevention and insurance, recommending value-added services like risk warnings and safety inspections. Preventive measures by enterprises would earn preferential rates, improving risk management and enhancing collaboration between insurance companies, shipping firms, and port authorities. It also suggests leveraging big data, AI, and blockchain for digital transformation and smart industry upgrades. These innovations aim to improve risk management, pricing accuracy, and promote high-quality, internationalized development of Ningbo's ship insurance market.