Leveraging Hindsight into Foresight: Lessons from the Titanic (PropertyCasualty360)

On the eve of the 100-year anniversary of the sinking of the Titanic, seven risk management experts were asked how the disaster could have been averted using modern risk management techniques. Technology has improved and risk management strategies have changed in the last 100 years, but the maritime industry still faces challenges from reduced crew, increased human error margin, piracy, ice shipping, bigger ships and structural limitations. “Our best chance is to continue improving maritime safety, as most accidents are related to human error,” said John Barnwell, global marine head, Americas, Allianz Global Corporate & Specialty. “What people should do to be proactive is to have their own safety management system that uses the regulations as a baseline and build from that.”