The paper deals with maritime risk, which we consider important, no doubt, for ship-owners acting in volatile markets …. Traditionally, risk is measured by "standard deviation". Other risk measures like "excess kurtosis", "excess skewness", "long …-term dependence" and the "catastrophe propensity" were ignored. Risk in 1900 was based on the mathematical laws of Chance and …

disaster.” However these assessments are based on different methodologies and approaches, and they often reach different … results. Besides methodological differences, these discrepancies are due to the multi-dimensionality in disaster impacts and … disaster, and emphasizes the most important mechanisms that explain and determine this cost. It does so by first explaining why …