Seafarer Attrition and Marine Insurance Claims
Abstract
This thesis aims to examine the factors that affect attrition among seafarers and subsequently, whether attrition has an impact on vessel related marine insurance claims made by a company. A logistic regression analysis is used to analyse both individual ( age, tenure, and number of health insurance claims) and external factors (GDP per Capita), as well as significant global events such as the COVID-19 pandemic and the war in Ukraine. Findings indicate that age, tenure, the number of health insurance claims, GDP per Capita, and the period during COVID-19 have a statistically significant relationship with the likelihood of seafarer attrition. However, no significant link between the war in Ukraine and attrition could be established. Further, both fixed effects and random effects are used to analyze the impact of attrition on vessel related marine insurance claims, though the results do not show statistical significance. This research enhances the understanding of attrition among seafarers and the impact of attrition on vessel related marine insurance claims, contributing valuable insights for industry stakeholders. This thesis aims to examine the factors that affect attrition among seafarers and subsequently, whether attrition has an impact on vessel related marine insurance claims made by a company. A logistic regression analysis is used to analyse both individual ( age, tenure, and number of health insurance claims) and external factors (GDP per Capita), as well as significant global events such as the COVID-19 pandemic and the war in Ukraine. Findings indicate that age, tenure, the number of health insurance claims, GDP per Capita, and the period during COVID-19 have a statistically significant relationship with the likelihood of seafarer attrition. However, no significant link between the war in Ukraine and attrition could be established. Further, both fixed effects and random effects are used to analyze the impact of attrition on vessel related marine insurance claims, though the results do not show statistical significance. This research enhances the understanding of attrition among seafarers and the impact of attrition on vessel related marine insurance claims, contributing valuable insights for industry stakeholders.