LESSONS FROM THE CAT MARKET

Recent events in Busan have served to concentrate the minds of people who have to think about the risk management of ports and terminals. It is probably fair to say that the minds of many of them have mostly been focused on the hitherto much neglected subject of security caused by the changes in sentiment unloosened by the events of 911. Readers of this magazine will know that the freeholders of the World Trade Centre at the time were in fact the New York/New Jersey Port Authority so the losses suffered in this huge loss of life and property casualty also to some extent fell upon the marine community of underwriters and personnel working in the twin towers. On the security front it has been so far so good. Apart from the vexed subject of stowaways and illegal migrants, the alarms at the waterfront have not been many.