Megara: Marine Risk

Whilst there have been significant moves to benchmark across most lines of business, marine business is still viewed as a ‘specialist’ class with no known stochastic pricing models used in practice. MEGARA is the JLT Re marine portal for appraisal, rating, analysis and exposure management.

Whilst we understand that this is a complex class with many sub-classes and all clients have differing views of the ensuing risk, the Megara project has focused on blue water hull risks and has aimed to establish a framework to replicate current underwriting best practice, standardise data capture and obtain greater data efficiency.

MEGARA is an externally hosted web-based hull rating and aggregation system which uses a database of industry data for exposures, losses and company details.

The system:

• Allows for entry and management of consistent and complete policy and portfolio information with attachment of individual vessels to policies.
• Can automatically add fleets, or allow for vessels to be added individually.
• Provides a comprehensive rating system allowing policies to be rated, and the effect of rating changes analysed before any changes are made.
• Allows for a full reporting suite for portfolio analysis, management information and industry data.
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